Budumu Pty Ltd (ACN 001 216 397) [2021] NSWSC 522

Supreme Court New South Wales

Medium Neutral Citation: Budumu Pty Ltd (ACN 001 216 397) [2021] NSWSC 522 Hearing dates: 3 February 2021 Date of orders: 19 April 2021 Decision date: 12 May 2021 Jurisdiction: Equity - Expedition List Before: Sackar J Decision: See paras [21], [23], [27]-[28] Catchwords: EQUITY — Trusts and trustees — Judicial advice — Variation of trusts — Whether trustee can exercise power to exclude Legislation Cited: Conveyancing Act 1919 (NSW) Duties Act 1997 (NSW) Land Tax Act 1956 (NSW) Land Tax Management Act 1956 (NSW) State Revenue Legislation Further Amendment Act 2020 (NSW) Trustee Act 1925 (NSW) Cases Cited: Casibond Pty Ltd [2021] NSWSC 320 Cecil Investments Pty Limited [2021] NSWSC 211 Re Dion Investments Pty Ltd [2014] NSWCA 367 Re Dion Investments Pty Ltd [2020] NSWSC 1661 Category: Principal judgment Parties: Budumu Pty Ltd in its capacity as trustee of the George Hardi Family Trust Representation: Counsel: D Barlin (plaintiff)

Solicitors: Stacks Champion (plaintiff) File Number(s): 2020/353667

Judgment – Judicial Advice 1. This is an application by the Plaintiff, acting as trustee ("the Trustee") of the George Hardi Family Trust ("the Trust Estate"), asking the Court for advice under s.63 and or relief under s.81 of the Trustee Act 1925 (NSW) ("Trustee Act"). 2. For the purposes of the s.63 application, the questions for advice are contained in prayers 2 and 3 of the summons. 3. For the purposes of the s.81 application, the relief sought is contained in prayer 4 of the summons. 4. The reason for application is because of amendments to the Land Tax Act 1956 (NSW) ("Land Tax Act") and the Duties Act 1997 (NSW) ("Duties Tax Act") which impose surcharges to the extent that a "foreign person" may be (not necessarily is) a beneficiary of the trust where the trust holds residential property. 5. On 19 April 2021, having heard the evidence and submissions, I made the orders requested. I indicated I would subsequently publish my reasons. These are they.