Published on 01 May 11
by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE
A recent stamp duty decision by the New South Wales Court of Appeal will have considerable impact on people dealing with dutiable property in NSW. The case, Chief Commissioner of State Revenue v Platinum Investment Management Ltd, was concerned with the scope of declarations of trust in the context of the NSW stamp duties regime, and the availability of the apparent purchaser nominal duty concession.
The court decided that there can be a declaration of trust over future identifiable property, but that the apparentpurchaser concession did not apply to the declaration in this case. The court also considered the "dutiable value" of a declaration of trust.
The decision is likely to impact on the execution of common transaction documents dealing with NSW dutiable property, such as superannuation gearing transactions pursuant to ss 67A and 67B of the Superannuation Industry (Supervision) Act 1993 (Cth), which will need to be reconsidered as a result of the decision.
Current at 16 May 2011
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