sec.413GExemption—transfer of small business property from partnership to transferee corporation

### sec.413G Exemption—transfer of small business property from partnership to transferee corporation This section applies in relation to a dutiable transaction that is a transfer, or an agreement for the transfer, of small business property if— 1 or more partners of a small business entity that is a partnership transfer, or agree to transfer, the property of the entity to a transferee corporation; and all the partners of the partnership are shareholders in the transferee corporation; and the unencumbered value of the property the subject of the transfer or agreement is not more than $10m. Transfer duty is not imposed on the dutiable transaction to the extent of the lesser of the following interests in relation to each partner— the partner’s partnership interest in the partnership that held the small business property immediately before the transfer or the agreement was entered into; the partner’s share interest in the transferee corporation immediately after the transfer or the agreement was entered into. Also, if the small business property is a vehicle, vehicle registration duty is not imposed on an application to transfer the vehicle. s 413G ins 2022 No. 14 s 6 (sec.413G-ssec.1) This section applies in relation to a dutiable transaction that is a transfer, or an agreement for the transfer, of small business property if— 1 or more partners of a small business entity that is a partnership transfer, or agree to transfer, the property of the entity to a transferee corporation; and all the partners of the partnership are shareholders in the transferee corporation; and the unencumbered value of the property the subject of the transfer or agreement is not more than $10m. (sec.413G-ssec.2) Transfer duty is not imposed on the dutiable transaction to the extent of the lesser of the following interests in relation to each partner— the partner’s partnership interest in the partnership that held the small business property immediately before the transfer or the agreement was entered into; the partner’s share interest in the transferee corporation immediately after the transfer or the agreement was entered into. (sec.413G-ssec.3) Also, if the small business property is a vehicle, vehicle registration duty is not imposed on an application to transfer the vehicle. - (a) 1 or more partners of a small business entity that is a partnership transfer, or agree to transfer, the property of the entity to a transferee corporation; and - (b) all the partners of the partnership are shareholders in the transferee corporation; and - (c) the unencumbered value of the property the subject of the transfer or agreement is not more than $10m. - (a) the partner’s partnership interest in the partnership that held the small business property immediately before the transfer or the agreement was entered into; - (b) the partner’s share interest in the transferee corporation immediately after the transfer or the agreement was entered into.