Dick Smith Electronics Holdings Pty Ltd v Chief Commissioner of State Revenue [2002] NSWSC 1208

New South Wales Supreme Court

CITATION : Dick Smith Electronics Holdings Pty Ltd v Chief Commissioner of State Revenue [2002] NSWSC 1208 FILE NUMBER(S) : SC 4574/02 HEARING DATE(S) : 16/12/02 JUDGMENT DATE : 19 December 2002

PARTIES : Dick Smith Electronics Holdings Pty Ltd - Plaintiff Chief Commissioner of State Revenue - Defendant JUDGMENT OF : Gzell J

COUNSEL : Mr J W Durack SC with Mr D G Charles - Plaintiff Dr H R Sorensen - Defendant SOLICITORS : Gilbert & Tobin Lawyers Crown Solicitor CATCHWORDS : TAXES AND DUTIES - Stamp Duties - Value of Dutiable Property - Consideration for Notional Transfer - Agreement for Sale of Shares - Purchase Price Less Dividend Amount - Purchaser lends Company money to pay Dividend - Consideration moving a Transfer must pass away from Transferee to acquire rights the subject of the Transfer and no other rights - Payment to acquire two assets, Shares and Debt - Consideration limited to Purchase Price for the Shares Duties Act 1997 LEGISLATION CITED : Taxation Administration Act 1996 Stamp Duties Act 1920 Archibald Howie Pty Ltd v Commissioner of Stamp Duties (NSW) (1948) 77 CLR 143 Commissioners of Inland Revenue v Glasgow and South Western Railway Co (1887) 12 App Cas 315 CASES CITED : Central and District Properties Ltd v Inland Revenue Commissioners [1966] 2 All ER 433 Royal Insurance Company v Watson [1897] AC 1 Davis Investment Pty Ltd v Commissioner of Stamp Duties (NSW) (1957-1958) 100 CLR 392 DECISION : Defendant's decision set aside. Plaintiff's objection to assessment allowed. Assessment set aside. Matter remitted to Defendant for determination in accordance with reasons.