Chief Commissioner of State Revenue v Platinum Investment Management Ltd [2011] NSWCA 48

Court of Appeal Supreme Court New South Wales Medium Neutral Citation: Chief Commissioner of State Revenue v Platinum Investment Management Ltd [2011] NSWCA 48 Hearing dates: 30 November 2010 Decision date: 10 March 2011 Before: Campbell JA [1]-[26] Macfarlan JA [27]-[40] Handley AJA [41]-[125] Decision: (1) Appeal allowed with costs. (2) Judgment of Gzell J of 2 February 2009 set aside. (3) In lieu thereof order that the appeal from the Commissioner's assessment of 16 April 2007 instituted by summons dated 1 February 2008 be dismissed with costs, and that the assessment be confirmed. (4) The respondent to have a certificate under the Suitor's Fund Act if qualified. [Note: The Uniform Civil Procedure Rules 2005 provide (Rule 36.11) that unless the Court otherwise orders, a judgment or order is taken to be entered when it is recorded in the Court's computerised court record system. Setting aside and variation of judgments or orders is dealt with by Rules 36.15, 36.16, 36.17 and 36.18. Parties should in particular note the time limit of fourteen days in Rule 36.16.] Catchwords: TAXATION - duties - declaration of trust - property to be vested - future property - where the declaration of trust liable to ad valorem duty

TAXATION - duties - declaration of trust - consideration for - may be provided by beneficiaries

TAXATION - duties - declaration of trust - exemption - declaration of trust by apparent purchaser

VALUATION - future property Legislation Cited: Duties Act 1997 Interpretation Act 1987 Suitor's Fund Act Cases Cited: Achieve Foundation Ltd v Acnewco Ltd [2010] FCA 382; (2010) 88 ACSR 673 Alcan (NT) Alumina Pty Ltd v Commissioner of Territory Revenue (NT) [2009] HCA 41, 239 CLR 27 Archibald Howie Pty Ltd v Commissioner of Stamp Duties (NSW) [1948] HCA 28, 77 CLR 143 Chief Commissioner Of State Revenue (NSW) v Dick Smith Electronics Holdings Pty Ltd [2005] HCA 3, 221 CLR 496 Commissioner of Stamp Duties (NSW) v Pendal Nominees Pty Ltd [1989] HCA 19, 167 CLR 1 CSR Ltd v Eddy [2005] HCA 64; (2005) 226 CLR 1 Davis Investments Pty Ltd v Commissioner of Stamp Duties (NSW) [1958] HCA 22, 100 CLR 392 DKLR Holding Co (No 2) Pty Ltd v Commissioner of Stamp Duties (NSW) [1982] HCA 14, 149 CLR 431 Elfic Ltd v Macks [2001] QCA 219; [2003] 2 Qd R 125 FCT v St Helen's Farm (ACT) Pty Ltd [1981] HCA 4, 146 CLR 337 Hepples v Federal Commissioner of Taxation [1992] HCA 3; (1992) 173 CLR 492 J.V. (Crows Nest) Pty Ltd v Commissioner of Stamp Duties (NSW) (1985) 85 ATC Perpetual Executors and Trustees Association of Australia Ltd v Federal Commissioner of Taxation [1948] HCA 24; (1948) 77 CLR 1 Secretary of State for Foreign Affairs v Charlesworth Pilling & Co [1901] AC 373 Stork ICM Australia Pty Ltd v Stork Food Systems Australasia Pty Ltd [2006] FCA 1849; (2007) 25 ACLC 208 The Bell Group Ltd (in liq) v Westpac Banking Corporation (1995) 22 ACSR 337 Tooheys Ltd v Commissioner of Stamp Duties (NSW) [1961] HCA 35, 105 CLR 602 Western Australian Trustee Executor and Agency Co Ltd v Commissioner of State Taxation of WA (1980) HCA 50; (1980) 147 CLR 119 Texts Cited: D C Pearce and R S Geddes, Statutory Interpretation in Australia, 6th ed (2006) LexisNexis Butterworths Category: Principal judgment Parties: Chief Commissioner of State Revenue (A) Platinum Investment Management Ltd (CAN 063 565 006) (R) Representation: Counsel: N Hutley SC and E Bishop (A) B Sullivan SC and M Richmond SC (R) Solicitors: I V Knight, Crown Solicitor (A) Pricewaterhouse Coopers (R) File Number(s): 08/277081 Decision under appeal Citation: [2010] NSWC 1 Date of Decision: 2010-02-02 00:00:00 Before: Gzell J File Number(s): SC 1140/08