Bondi Beachside decision may entitle some taxpayers to a refund of duty
By Nathan Deveson
If you have paid duty on the extension of a deferred note purchase financing arrangement, you may be entitled to a refund of the duty.
In the recent decision of Bondi Beachside Pty Ltd v Chief Commissioner of State Revenue  NSWCA 6, the New South Wales Supreme Court of Appeal has allowed the taxpayer’s appeal against the earlier decision, which in part affirmed a mortgage duty assessment issued under the Duties Act 1997 (NSW).
This case concerned the extension of the termination date under a deferred note purchase financing arrangement and one of the key issues considered was whether the extension amounted to an ‘advance’ by way of a forbearance within the meaning of the relevant mortgage duty provisions such that additional mortgage duty was payable…
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