Source: Taxation In Australia Journal Article
Published Date: 1 May 2011
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.
More by Denis Barlin
Rectifying deficient binding death benefit nominations - Journal 01 Dec 2015
Superannuation - Gearing - Presentation 17 May 2012
Superannuation - Gearing - Paper 17 May 2012
Costs orders against the Commissioner of Taxation - Journal 01 Feb 2012
Access by beneficiaries of trust documents' - as of right or judicial consent? - Journal 01 Jul 2011
Partitioning of land - Presentation 10 Aug 2010
Partitioning land - How do you ensure there are no unexpected tax liabilities? - Paper 10 Aug 2010
Guarantees and instalment warrant arrangements - Journal 01 Sep 2008
Testamentary trusts - Paper 23 Jul 2008
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