29Value of partnership acquisition

29 Value of partnership acquisition (1) Subject to subsections (2) and (3), the unencumbered value of a partner's partnership acquisition is determined by applying the partner's partnership interest to the unencumbered value of all the dutiable property held by the partnership. (2) Subject to sections 29AA and 29A, in determining the unencumbered value of a partner's partnership acquisition on the formation of a partnership, the unencumbered value of any dutiable property the partner contributed to the partnership on its formation is to be disregarded. (3) In determining the unencumbered value of a partner's partnership acquisition that is an increase in the partner's partnership interest (other than an increase in the partner's partnership interest on the formation of a partnership), the acquisition is taken to be the increase in the partner's partnership interest. 29AA Value of partnership acquisition if change in membership of partnership by admission of one or more new partners Where a new partnership is formed by a change in the membership of a partnership by the admission of one or more new partners, the unencumbered value of a partner's partnership acquisition on the formation of the new partnership is determined by: (a) applying the partner's partnership interest to the unencumbered value of all dutiable property held by the new partnership on its formation; and (b) deducting from that: (i) if the partner was not a partner of the former partnership – the value that would be the unencumbered value of the partner's partnership acquisition in the new partnership on its formation if the dutiable property of the partnership comprised only the dutiable property (if any) that the partner contributed to it on its formation; or (ii) if the partner was a partner in the former partnership – the lesser of the following: (A) the value that would be the unencumbered value of the partner's partnership acquisition in the new partnership on its formation if the dutiable property of that partnership comprised only the dutiable property of the former partnership;

Stamp Duty Act 1978 34 (B) the value that represents the unencumbered value of the partner's partnership interest in the former partnership before the formation of the new partnership.