Centro (CPL) Limited v Chief Commissioner of State Revenue [2010] NSWSC 751

New South Wales Supreme Court

CITATION : Centro (CPL) Limited v Chief Commissioner of State Revenue [2010] NSWSC 751

HEARING DATE(S) : 22, 23 June 2010

JUDGMENT DATE : 23 July 2010

JUDGMENT OF : Gzell J

DECISION : Assessment revoked. Matter remitted to Chief Commissioner to reassess in accordance with the decision and to refund overpaid duty with interest. Chief Commissioner to pay plaintiff's costs.

CATCHWORDS : TAXES AND DUTIES - Stamp Duties - agreement to grant 300-year concurrent lease of an interest in a shopping centre subject to retail leases at a premium almost equal to its value and at an annual rent of $1 - put and call options executed with a different entity to acquire the reversion expectant upon the 300-year lease with covenants not to merge the leasehold for at least 50 years - put option exercised - Chief Commissioner assessed agreement to acquire the reversion at market value of earlier reversion expectant upon the retail leases by ignoring the grant of the 300-year concurrent lease under the anti-avoidance provision in the Duties Act 1997, s 24

Duties Act 1997 Conveyancing Act 1919 LEGISLATION CITED : Income Tax Assessment Act 1997 (Cth) Taxation Administration Act 1996 State Revenue Law Amendment Bill No 1 2002 State Revenue Law Further Amendment Bill 2003

CASES CITED : Trust Company Ltd v Chief Commissioner of State Revenue [2007] NSWCA 255; (2007) 70 ATR 505 Trust Company of Australia Ltd v Chief Commissioner of State Revenue [2006] NSWSC 792; (2006) 66 NSWLR 551

PARTIES : Centro (CPL) Limited (Plaintiff) Chief Commissioner of State Revenue (Defendant)