Tay v Chief Commissioner of State Revenue [2017] NSWSC 338

REVENUE AND TAXES – Duties Act 1997 (NSW) ss 63 and 163A – Will contained trust for sale and for distribution of cash to residuary beneficiaries – Transfer of shares in landholder from deceased estate to residuary beneficiary in partial satisfaction of bequest – Transfer made with agreement of all residuary beneficiaries as part of family agreement under which shares in three companies were transferred to three beneficiaries – Whether agreement was an agreement to vary the trusts of the will (s 63(2)) – Whether an appropriation as referred to in s 46 of the Trustee Act 1925 (NSW) (s 63(1)(a)(iii)) – Whether acquisition of interest in landholder company exempt under s 163A(d) as being solely the result of the distribution of deceased's estate. Click here