Stamp Duties Act 1929 · 2021 Revised Edition · Part 3 · Provisions Applicable to Particular Instruments
32B. Conveyance between limited liability partnership and partner
Feedback & supportSubject to subsection (3), the ad valorem stamp duty chargeable on any instrument made for the purposes of or in connection with the transfer, conveyance or assignment of any beneficial interest in any asset —
duty
“duty” means any stamp duty for the time being chargeable under this Act or any other Act;
by a limited liability partnership to a partner thereof;
by a partner of a limited liability partnership to the limited liability partnership; or
by a person who becomes a partner of a limited liability partnership to the limited liability partnership,is reduced by the proportion determined in accordance with subsection (2).
The proportion by which the ad valorem stamp duty is reduced under subsection (1) is the same proportion as the following:
in the case of a transfer, a conveyance or an assignment of any beneficial interest in any asset between a limited liability partnership and a partner thereof —
where one or more significant changes of partners took place before the transfer, conveyance or assignment, the asset share of the partner upon the significant change of partners closest in time to the transfer, conveyance or assignment; or
where no significant change of partners took place before the transfer, conveyance or assignment, the asset share of the partner upon the formation of the limited liability partnership;
in the case of a transfer, a conveyance or an assignment of any beneficial interest in any asset between a limited liability partnership and a person becoming a partner thereof, the asset share of that person upon the person becoming a partner thereof.
Despite subsection (1), the minimum ad valorem stamp duty chargeable on any instrument made for the purposes of or in connection with the transfer, conveyance or assignment of any beneficial interest in any asset mentioned in that subsection is $10.
In this section, “asset share” has the meaning given by section 32(5).