CPT Custodian Pty Ltd v Commissioner of State Revenue

Land tax – Unit trusts - Registered proprietors of land were trustees of unit trusts in which taxpayers held issued units - Trustees also held issued units in similar trusts - Taxpayers assessed for land tax as owners of land - Whether holder of issued units in these trusts is an "owner" of the land for the purposes of the Land Tax Act 1958 (Vic) - Whether holder of issued units in a trust which itself holds issued units in a further trust, the trustee of which is the registered proprietor of land, is an "owner" of the land - Whether holder of only some of the issued units of a unit trust stands in a different position to a beneficiary owning all issued units - Relevance of the rule in Saunders v Vautier - Relevance of statutory definition of "joint owners".

Trusts – Whether "unit trusts" form any distinct class of trust the characteristics of which inform the meaning of the statutory term "owner" - Whether whenever the legal estate in property is vested in a trustee there must be some person entitled to beneficial ownership.

Trusts – Beneficiaries - Rule in Saunders v Vautier of beneficiaries' entitlement to terminate trust where sui juris and together absolutely entitled - Whether the rule applies when trust makes provision for trust property to be available for satisfaction of trustee's and manager's fees.

Words and phrases – "owner", "joint owners", "unit trust".

Land Tax Act 1958 (Vic) – ss 3, 6, 8, 39, 49, 51, 52.