| Taras Nominees Pty Ltd as Trustee for the Burnley Street Trust v Commissioner of Taxation (FCAFC) - capital gains tax - transfer of land by trust deed and joint venture was taxable disposal - appeal dismissed |
| Naumovski v Naumovski (NSWSC) - real property - arguable case for proprietary interest in property - extension of operation of caveat |
| Green and Carter In Their Capacities as Joint Executors of the Estate of the late Nancarrow v Nanacarrow (WASC) - wills - interpretation of testatrix’s will - mutually exclusive bequests of interest in lot - directions |
| Summaries With Link (Five Minute Read) |
Taras Nominees Pty Ltd as Trustee for the Burnley Street Trust v Commissioner of Taxation [2015] FCAFC 4
Full Court of the Federal Court of Australia
Perram, Robertson & Pagone JJ
Taxation - capital gains tax - appellant owner of land entered joint venture agreement with neighbours to rezone and develop land - appellant transferred title to land by deed to company to act as trustee of land and nominee of joint venture - primary judge upheld Commissioner’s assessment decision that taxable disposal occurred when appellant entered trust deed and joint venture - Part 3-1 Income Tax Assessment Act 1997 (Cth) - held: transfer of land to trustee was settlement of land and not excluded from CGT Event E1 by s104-55(5) because appellant was not sole beneficiary of trust pursuant to which trustee held land - there was change of ownership by transfer of land to trustee - primary judge correct to include amount of development costs in valuation of land for purposes of calculating taxable capital gain - appeal dismissed.
Taras Nominees Pty Ltd as Trustee for the Burnley Street Trust |
Naumovski v Naumovski [2015] NSWSC 2
Supreme Court of New South Wales
Black J
Real property - caveat - plaintiff sought order that defendant transfer property to her or declaration that defendant held property on trust for her - plaintiff sought extension of operation of caveat - ss74J & 74K Real Property Act 1900 (NSW) - held: plaintiff’s evidence sufficient to establish arguable case for proprietary interest in property by equitable or proprietary estoppel - balance of convenience favoured extension of caveat - if caveat not extended plaintiff not protected against sale of property - extension of caveat granted.
Naumovski |
Green and Carter In Their Capacities as Joint Executors of the Estate of the late Nancarrow v Nanacarrow [2015] WASC 18
Supreme Court of Western Australia
Le Miere J
Wills - plaintiffs were executors of estate - defendants were testatrix’s children - executors sought directions in respect of interpretation of testatrix's will - clause of will containing mutually exclusive bequests of testatrix's interest in lot - whether, at date of death, settlement under sale contract had been completed - whether option under option deed exercised - testamentary intention - misdescription of property - s45 Administration Act 1903 (WA) - held: clause of will reflected a valid gift of land which was formerly part of lot to second defendant.
Green and Carter In Their Capacities as Joint Executors |
