ARTICLE · 17 AUGUST 2007

Contract Price Is Not Always Market Value

Moore Australia

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Taxpayers beware of calculating stamp duty for plant and using agreed purchase prices rather than market valuations.

AustraliaTax

Fletcher Le Tet

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Taxpayers beware of calculating stamp duty for plant and using agreed purchase prices rather than market valuations.

Fact File

Case	Symex Holdings Ltd v Comr of State Revenue [2007] VSC 159 – concerning an amended stamp duty assessment that was held to be excessive.
Background	The taxpayer purchased a manufacturing business and remitted stamp duty calculated on the contract price. The Commissioner, after investigation, issued an amended assessment, particularly in respect of the plant and equipment purchased.
Dispute	The taxpayer contended that the amended assessment was incorrect because the transaction was a bona fide commercial one negotiated at arm’s length between unrelated parties. The Commissioner argued that the amount paid for the plant and equipment and the land and buildings was undervalued and additional stamp duty was owed.

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