High Court of Australia
63 C.L.R.] OF AUSTRALIA. 619
[HIGH COURT OF AUSTRALIA.]
THE COLLECTOR OF IMPOSTS (VICTORIA) APPELLANT 3 RESPONDENT,
AND
CUMING CAMPBELL INVESTMENTS PRO- EECORDETE EEDA DEM ED oe ee hie ;
APPELLANT,
ON APPEAL FROM THE SUPREME COURT OF VICTORIA.
Stamp Duty (Vict.)—Instrument of transfer of real property—No adequate pecuniary H.C, or A. consideration—No benefaction intended or conferred—Instrument chargeable a8 1940. transfer on sale—Not-as deed of gift—Stamps Act 1928 (Vict.) (No. 3775), Third = Schedule, Headings VI. and IX. Mevuourye,
May 29-31. The Third Schedule to the Stamps Act 1928 (Vict.) provides that there
shall be charged and paid upon the several instruments thereinafter specified SyDNBY, the several stamp duties thereinafter specified. A number of instruments Avg. 19. are then specified under separate headings, of which heading IX. is as fol- yatham oJ., lows :—" Settlement or Gift, Deed of—(1) Any instrument . . . whether Starke, Dixon, voluntary or upon any good or valuable consideration other than a bona-fide MeTiernan JJ. adequate pecuniary consideration whereby any property is settled or agreed
to be settled in any manner whatsoever, or is given or agreed to be given in
any manner whatsoever."
Held that in order that an instrument may be chargeable with duty under heading IX. it is not enough that the instrument should be made on a con- sideration other than a bona-fide adequate consideration: it is essential that the instrument should be one whereby'a gift or benefaction is conferred.
C. agreed to sell to a proprietary company controlled by him certain land and investments for the sum of £80,000, and to transfer and deal with the property as and when the company should direct. The agreement appor- tioned the purchase money between the land and the investments, and fixed £50,000 as the price of the land. On the same day the company allotted to him 80,000 shares of £1 each, On the same day also, C. executed documents
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