Danvest case: any implications for partnerships and CGT?
04 Sep 17 |
AUSTRALIAN TAX WEEK
Issue: Issue 35, 1 Sep 2017
Pages: pp. 1-3
The decision in Danvest Pty Ltd & Anor v Commisssioner of State Revenue (Vic) 2017 ATC 20-611 once again demonstrates the difficulties in reconciling partnership jurisprudence. In holding that the partners did not have an interest in partnership assets that would attract stamp duty upon a sale of the partnership business, Croft J sought to resolve the conflicting case law.
This decision clearly has implications for stamp duty collections in Victoria and will no doubt lead to a legislative response if the case is not reversed on appeal. However, the other states have differently-worded and, typically, partnership-specific provisions so the stamp duty implications should be restricted to the one state.
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Justin ia an Associate Professor, Law School, James Cook University, Cairns, Australia; Adjunct research fellow in Business Law and Taxation, Faculty of Business and Economics, Monash University, Australia.
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