Australian Securities & Investments Commission v Perpetual Trustee Co (Canberra) Ltd [1999] FCA 250

FEDERAL COURT OF AUSTRALIA

Australian Securities & Investments Commission v

Perpetual Trustee Co (Australia) Ltd [1999] FCA 250 CONTRACT – construction – deed of indemnity executed by trustee – inter‑trust transaction – trustee a trustee of more than one trust – relevant clause in deed referred to trustee "in its capacity as trustee of" a certain trust – whether clause ambiguous – whether trustee entitled as trustee of other trust under deed of indemnity to enforce obligation on the part of certain parties to deed to pay stamp duty imposed upon trustee WORDS AND PHRASES – "tax avoidance scheme" Corporations Law s 1073(1A) and s 1324 Stamp Duties and Taxes Act 1987 (ACT) ss 4(1), 17, 18, 22, Schedule 1 Real Property Act 1925 (ACT) s 138A Codelfa Construction Pty Ltd v State Rail Authority of NSW (1982) 149 CLR 337 applied

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION v PERPETUAL TRUSTEE COMPANY (CANBERRA) LIMITED AND TERRENCE MARK SNOW AND GEORGE ROBERT WARWICK SNOW AND BASS INVESTMENTS (ACT) PTY LIMITED

AG 54 OF 1998

MILES, MATHEWS AND LEHANE JJ

25 MARCH 1999

CANBERRA

IN THE FEDERAL COURT OF AUSTRALIA

AUSTRALIAN CAPITAL TERRITORY AG 54 OF 1998

DISTRICT REGISTRY

On appeal from a single judge of the Federal Court of Australia

BETWEEN: AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Appellant

AND: PERPETUAL TRUSTEE COMPANY (CANBERRA) LIMITED

(ACN 008 393 806)

First Respondent

TERRENCE MARK SNOW AND GEORGE ROBERT WARWICK SNOW

Second Respondents

BASS INVESTMENTS (ACT) PTY LIMITED

(ACN 008 510 558)

Third Respondent

JUDGES: MILES, MATHEWS AND LEHANE JJ

DATE OF ORDER: 25 MARCH 1999

WHERE MADE: CANBERRA

THE COURT ORDERS THAT:

1. The appeal be allowed.