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ARTICLE · 25 JULY 2017

Landholder duty payable after appropriation under a will

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This recent decision examines some of the potential tax liabilities that beneficiaries of an estate can be exposed to.

AustraliaTax
Selwyn Black
Selwyn Black
Nicholas Huang
Nicholas Huang
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The recent decision of Tay v Chief Commissioner of State Revenue [2017] NSWSC 338 shows some of the potential tax liabilities that beneficiaries of an estate can be exposed to.

The Key Facts

  1. Tee Peng Tay (Deceased) died leaving an estate valued at over $1.7 billion SGD.
  2. The Deceased owned shares in three private companies, including 60% of the shares (shares) in Memocorp Australia Pty Ltd (Memocorp). Other members of his family owned the remaining 40%. Memocorp was an Australian company and a landholder for the purposes of the Duties Act 1997 (NSW) (Duties Act).
  3. Apart from some bequests to two children and a university, the Deceased's will stated that all of his assets should be sold, with the proceeds distributed to his four other children in specified percentages.

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