Esplanade Wollongong Unit Trust v Chief Commissioner of State Revenue [2017] NSWCATAD 157

Civil and Administrative Tribunal New South Wales Medium Neutral Citation: Esplanade Wollongong Unit Trust v Chief Commissioner of State Revenue [2017] NSWCATAD 157 Hearing dates: 24,25,26,29 and 30 August 2016 Date of orders: 19 May 2017 Decision date: 19 May 2017 Jurisdiction: Administrative and Equal Opportunity Division Before: R Deutsch, Senior Member Decision: 1 The decision under review is set aside. 2 In respect of the Second Disputed Transfer, ad valorem duty is payable based on a transfer value of $16,130,000 at the premium rate of duty and interest is payable by the Applicant based on the following factors: (a) only the market rate component of interest is to be charged for the period from 23 January 2011 to the date of payment on a transfer value of $ 16,130,000; and (b) interest is only to be applied to the amount being the duty that would have been payable on 22 January 2011 if the duty had been calculated at ordinary rates (ie not at the premium rates arising as a result of the application of s32A of the Duties Act). Catchwords: stamp duty- trusts – mistake - valuation – hypothetical development v direct comparison methods – interest remission Legislation Cited: Administrative Decisions Review Act 1997 (NSW) Duties Act 1997 (NSW) Tax Administration Act 1996 (NSW) Cases Cited: Byrnes v Kendall (2011) 243 CLR 253 Chief Commissioner of State Revenue v Incise Technologies Pty Ltd 2004 NSWADTAP 19 Korda v Australian Executor Trustees (SA) Ltd (2015) HCA 6 Lindfield Developments Pty Ltd v Shuangxing Development Pty Ltd (2016) NSWSC 68 McEvoy v McEvoy 2012 NSWSC 1494 Metricon Qld v CCSR 2016 NSWSC 332 Texts Cited: Ford and Lee, Law of Trusts Category: Principal judgment Parties: Esplanade Wollongong Unit Trust (Applicant)