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ARTICLE · 19 FEBRUARY 2013

No-advance tax structure caught out by variation deeds

DibbsBarker
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The recent NSW decision highlights potential difficulties in amending provisions in respect of 'no-advance' structures.

AustraliaFinance and Banking
Jeff Baker (Formerly With DibbsBarker)
Jeff Baker (Formerly With DibbsBarker)
Joshua Khoo
Joshua Khoo
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No-advance tax structure caught out

Focus: Bondi Beachside Pty Ltd v Chief Commissioner of State Revenue [2013] NSWSC 21
Services: Financial Services
Industry Focus: Financial Services

The recent NSW Supreme Court decision in Bondi Beachside Pty Ltd v Chief Commissioner of State Revenue [2013] NSWSC 21, highlights the potential difficulties in amending provisions in respect of 'no-advance' structures.

Background

Back in the days when state governments inflicted mortgage duty on borrowers who obtained secured debt (and notably, NSW remains the sole state levying such duty), 'no-advance' structures developed to facilitate revenue neutrality in respect of such debt.

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