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Sections: s22(2), (2A), (3) & (4)

Lodgement category: ELM

Circumstances/Transactions:

Interest, agreement or arrangement that reduces the value of the property.

Evidence:

In determining the amount for which land or goods might reasonably have been sold free from encumbrances the Commissioner takes into account the effect of any interest, agreement or arrangement that reduces the value of the land and/or goods.

  1. A statutory declaration is required by the transferor stating all of the following:
    1. The duration of the interest, agreement or arrangement before the transfer of the land or goods,
    2. Whether the interest, agreement or arrangement has been granted to or made with an associate, a related corporation or a trustee of the transferor or transferee,
    3. Whether there is any commercial efficacy to the granting of the interest or the making of the agreement or arrangement other than to reduce duty.