State Tax Developments
Land rich provisions: Victoria
19.12.2008
The Supreme Court of Victoria (Mandie J) has held that the Victorian land rich provisions, as in force in June 2005, could not operate to impose duty on an acquisition of units in a unit trust (that was admittedly land rich) by the trustee of a discretionary trust because the units could not be said to have been acquired “beneficially” (Landrow Properties Pty Ltd v CSR (Vic) [2008] VSC 590). Amendments made to the Duties Act by the State Taxation Acts Amendment Acts 2007 mean that the effect of this decision has been overcome.
