66   Duty on conveyances

(1)  Subject to the provisions of this Act every conveyance is to be charged with ad valorem duty in respect of the unencumbered value of the property thereby conveyed.

(2) 

(a)  A conveyance on sale of any property is to be charged with ad valorem duty on the amount or value of the consideration for the sale.

(b)  If the amount or value of the consideration is less than the unencumbered value of the property the duty is to be charged on the unencumbered value of the property ascertained in accordance with section 68.

(3)  A conveyance of property made without consideration in money or money’s worth is to be charged with ad valorem duty on whichever is the greater of:

(a)  the unencumbered value of the property ascertained in accordance with section 68, or

(b)  the amount or value of all encumbrances (whether certain or contingent) subject to which the property is conveyed.

(3A)  A conveyance of property made upon a bona fide consideration in money or money’s worth of less than the unencumbered value of the property is to be charged with ad valorem duty on whichever is the greater of:

(a)  the unencumbered value of the property ascertained in accordance with section 68, or

(b)  the amount obtained by aggregating together:

(i)  the amount or value of the consideration ascertained in accordance with this Act, and

(ii)  the amount or value of all encumbrances (whether certain or contingent) subject to which the property is conveyed,

      but the Chief Commissioner, where he is satisfied that the consideration paid was agreed to as representing the true market value of the property, may treat the conveyance as a conveyance on sale and stamp the conveyance accordingly with ad valorem duty on the unencumbered value of the property ascertained in accordance with section 68.

(3B)  A conveyance of property made upon a bona fide consideration in money or money’s worth of not less than the unencumbered value of the property, not being a conveyance on sale of the property, is to be charged with ad valorem stamp duty on the amount obtained by aggregating together:

(a)  the amount or value of the consideration ascertained in accordance with this Act, and

(b)  the amount or value of all encumbrances (whether certain or contingent) subject to which the property is conveyed.

(3C)  Nothing in subsection (3), (3A), or (3B) of this section affects the operation of section 73.

(4)  A conveyance by way of exchange is to be charged with ad valorem duty under the preceding provisions of this section as a conveyance of all the property comprised therein, and the person to whom property is conveyed by way of exchange is to be deemed the purchaser thereof, and the person by whom property is so conveyed is to be deemed the seller thereof.

(5)  The balance due to the Crown for the conversion of a holding under any Act into a fee simple absolute shall not be deemed part of the consideration for a conveyance.

(6)  Subsections (3A), (3B), (3C) and (3D) of section 41 apply to and in respect of a conveyance in the same way as they apply to and in respect of an agreement for sale or conveyance and, in so applying those subsections:

(a)  the reference in subsection (3A) of section 41 to the purchaser or person to whom the property is agreed to be conveyed shall be read and construed as if it were a reference to the person primarily liable in respect of the conveyance, and

(b)  the reference in subsection (3A) of section 41 to $10 shall be read and construed as if it were a reference to $1.