Duncan Bedford of McCullough Robertson

Interjurisdictional Cooperation on Consideration

Stamp duty expert, Duncan Bedford of McCullough Robertson presented a paper at the recent Tax Institute 21st Annual States Taxes Conference held on 3-4 November 2021 entitled “Identifying the ‘consideration for’ the transaction – Contemporary issues”. TTR asked Duncan these questions:

  • “Some [States] OSR’s have a ruling on consideration.
    Q. 1. For those which do, which (if any) in your view are a correct statement of the law?
  • Q. 2. Do you think that, in the spirit of harmonisation, let alone standardisation, all of the jurisdictions should agree on the interpretation and then publish a ruling?”

Duncan Bedford answered:

  • Q 1. The rulings which have been released , NSW and Victoria, are not consistent with the law as it stands;
  • Q. 2 As Consideration is nationwide, it would help to have a consistent approach by the revenue offices.

So, time for a MultiStates/Territories Tax commission? Yes, beyond doubt.