27Interpretation: partnership property and partnership interest

27 Interpretation: partnership property and partnership interest (1) A reference in this Division to a partnership is a reference to the holding of property by the partners of a partnership for the partnership. (2) For the purposes of this Division, a person makes a partnership acquisition if the person acquires a partnership interest, within the meaning of subsection (3), in a partnership that holds dutiable (3) A partner's partnership interest is: (a) if the partner has a partnership entitlement in a partnership under which, in the ordinary course of determining the partner's entitlement to share in the profits of the partnership or obligation to contribute to the capital or losses of the partnership, the entitlement to share in the profits or obligation to contribute to capital or losses varies or may vary from time to time – the percentage that represents the proportion that the value of the partner's entitlement as a partner bears to the value of the entitlements of all the partners in the partnership; or (b) if the partner is entitled only to share in the profits of the partnership and has given or is required to give consideration, or has made or is required to make a contribution to the capital of the partnership, for the entitlement to share in the profits – the percentage that represents the proportion that the partner's entitlement to the profits of the partnership bears to the entitlements to the profits of the partnership of all the partners in the partnership; or

Stamp Duty Act 1978 32 (c) if the percentage referred to in paragraph (a) or (b) does not apply, the greater of: (i) the percentage of the capital of the partnership the partner has contributed or is obliged to contribute; or (ii) the percentage of the losses of the partnership the partner is required to bear.