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In a decision of the Supreme Court handed down on 18 August 2009 the court held that a Transfer of Land occurring as part of a corporate demerger was not entitled to the corporate reconstruction exemption afforded by sections 250B and 250D of the Duties Act 2000. The Court found that there was no public float because there was no 'offer' of shares. Even if there was an 'offer' of shares it was not 'to the public generally 'and even if the demerger did satisfy the definition of 'public float', it occurred on the same day as the transfer and not "within 12 months after the day on which the transaction occurred" as required by s250D(2)(a).

Read the judgment.

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