Section 24 of the Duties Act 1997 (NSW) (as in force before 2003 amendment) applies to arrangements that precede the dutiable transaction and is not limited by any requirement of contemporaneity. By majority, s 24 is capable of applying where an arrangement creates new dutiable property of lesser value (such as a reversion expectant on a newly interposed long-term lease) rather than merely reducing the value of pre-existing dutiable property. However, the dissent of Giles JA leaves some uncertainty about the outer limits of s 24 in this context. Where land is sold subject to leases, the dutiable property is the reversionary interest (the vendor's interest as qualified by the leases), not the land as physical property or the unqualified fee simple.
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