Where a joint venture agreement provides that one party 'makes available and dedicates' its freehold interest to the joint venture, this constitutes a grant of use and occupation rights only and does not create an equitable proprietary interest in the other joint venturer. For land rich calculations under the Duties Act 2000 (Vic), the unencumbered value of land is assessed under s 22(1) as interpreted in Pioneer Concrete, ignoring contractual obligations affecting the land. A lease receivable cannot be included in the denominator as a separate asset alongside the full unencumbered freehold value. Where hedging contracts are entered into by one joint venturer but revenue is shared proportionately, an implied trust arises such that only the entering party's proportionate share is attributed to it. A taxpayer who obtains legal advice and seeks a private ruling on a complex duty question has taken reasonable care for the purposes of s 30(3)(a) of the Taxation Administration Act 1997 (Vic).
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