28Acquiring a partnership interest

28 Acquiring a partnership interest (1) A person acquires a partnership interest if: (a) a partnership (of which he or she becomes a partner) is formed; or (b) the person's partnership interest increases. (2) For the purposes of subsection (1): (a) a partnership may be formed by a change in the membership of a partnership or the merger of 2 or more partnerships; and (b) a person's partnership interest may increase: (i) under the terms of a partnership agreement; or (ii) on the retirement of a partner from a partnership; or (iii) on a change in the terms of a partnership agreement effecting a change in the interests of the partners; and (c) a partner's partnership entitlement referred to in section 27(3)(a) does not increase if: (i) the person's entitlement to share in the profits of the partnership or obligation to contribute to the capital or losses increases by reason only of the person's performance as a partner; and (ii) there is no arrangement stating the extent of the future variation to the partner's entitlement to share in the profits of the partnership or obligation to contribute to the capital or losses or the consideration for the variation. (3) The acquisition of a partnership interest (a partnership acquisition) is a conveyance. (4) The partnership interest is taken to be a proportionate interest in dutiable property held by or on behalf of the partnership equivalent to the percentage defining the extent of the partnership interest.

Stamp Duty Act 1978 33