A declaration of trust over shares not yet in existence at the date of execution is liable to ad valorem duty under the Duties Act 1997 (NSW) where the shares are described with sufficient specificity to constitute 'identified property' within s 8(3). The transfer of sale shares by the beneficiaries/directing parties constitutes consideration for the declaration of trust. However, the subsequent enactment of s 12(3) in 2010 may limit the precedential significance of this decision for post-amendment transactions. A nominee under a share sale deed who is described as 'Nominee' rather than as purchaser is not an 'apparent purchaser' entitled to the fixed duty exemption under s 55(1)(a).
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