2Information about the results achieved from exploratory or other operations in

2 Information about the results achieved from exploratory or other operations in the area of a resource interest would be taken into account under paragraph (c) in valuing the resource interest. (3) Information relevant to the value of property will, for the purposes of valuation, be regarded as an attribute of the property and not as a separate form of property to which an independent value can be attributed. (4) An encumbrance includes: (a) a mortgage or charge; or (b) a debt or liability that might give rise to a right of recourse against the property; or (c) any agreement or arrangement (including a lease) that has the effect of reducing the value of the property unless the Commissioner is satisfied that the agreement or arrangement was not created or entered into for a purpose (collateral or otherwise) of reducing the value of the property; but does not include an easement or restrictive covenant unless the Commissioner is of the opinion that it was created or entered into for a purpose (collateral or otherwise) of reducing the value of the (4A) For the purpose of determining whether an agreement or arrangement was created or entered into for a purpose (collateral or otherwise) of reducing the value of the property, the Commissioner may have regard to the following: (a) the length of time between the agreement or arrangement being made and the conveyance; (b) whether the parties to the agreement or arrangement are or have been associates; (c) whether the parties to the agreement or arrangement are or have been dealing with each other at arm's length;

Stamp Duty Act 1978 14 (d) whether there is any commercial efficacy to the making of the agreement or arrangement other than to reduce the value of the property; (e) whether the agreement or arrangement is in favour of the conveyee or an associate of the conveyee; (f) any other matters the Commissioner considers relevant. (5) For the purpose of assessing duty on a particular conveyance the Commissioner may, if satisfied that improvements on land subject to the conveyance have been built by, or at the expense of, the conveyee, reduce the unencumbered value of the land by an amount that reflects, in the Commissioner's opinion, the value of the improvements at the date of the conveyance. 4AB Dutiable value (1) The dutiable value of dutiable property is: (a) if consideration is, or is to be, given for the property – the amount or value of the consideration or the unencumbered value of the property (whichever is the greater); or (b) if no consideration is given for the property – the unencumbered value of the property. (2) If the amount of consideration is dependent on future contingencies, the dutiable value of the property will be assessed on the assumption that the contingencies will operate so as to maximise the consideration to be given for the property. (3) However, if it is later shown, on an application for reassessment of duty, that the consideration actually given is less than the assumed consideration, and there is no further scope for contingent increase, the Commissioner may reassess the dutiable value of the property taking into account the amount or value of the consideration actually given. (4) If: (a) dutiable property consists of an interest in an exploration mineral title or a petroleum interest relating to exploration; and (b) the conveyance of the interest arises out of the operation of a farm-in agreement; and