Platinum Investment Management Limited v Chief Commissioner of State Revenue (No 2) [2010] NSWSC 1

New South Wales Supreme Court

CITATION : Platinum Investment Management Limited v Chief Commissioner of State Revenue (No 2) [2010] NSWSC 1

HEARING DATE(S) : 26 October 2009 - 27 October 2009

JUDGMENT DATE : 2 February 2010

JUDGMENT OF : Gzell J

DECISION : The declaration of trust was over the consideration shares as future property. The declaration of trust was not over the right to the consideration shares. There was no declaration of trust over dutiable property. The defendant's assessment is revoked. The matter is remitted to the defendant for determination in accordance with the findings in the reasons for judgment. The defendant is to pay the plaintiff's costs.

CATCHWORDS : TAXES AND DUTIES - Stamp duties - share sale deed of scrip for scrip transfer of shares in a NSW company - consideration shares to be held by plaintiff as nominee - declaration of trust in share sale deed by plaintiff as nominee that it would hold the consideration shares in trust for the sellers of the sale shares - whether a declaration of trust over dutiable property - share sale deed dutiable on first execution under the Duties Act 1997, s 12(2) - consideration shares not to be issued until after completion of the sale of the sale shares- whether the consideration shares were future property on first execution of the share sale deed - consideration shares may have been entered in the register of members before first execution of the share sale deed - whether the consideration shares were then identified property or whether completion of the sale of the sale shares was a necessary final step - whether "property", "dutiable property" and "identified property" in the Duties Act include future property - whether the declaration of trust was over the right to the consideration shares