Commissioner of State Revenue (WA) v Placer Dome Inc

The High Court of Australia heard an appeal from the Court of Appeal of Western Australia concerning stamp duty assessments on Placer Dome Inc. The dispute arose from Barrick Gold Corporation's acquisition of Placer Dome, a global gold mining company. The Commissioner of State Revenue (WA) assessed stamp duty on the basis that Placer Dome was a "listed land-holder corporation" under Part IIIBa of the *Stamp Act 1921* (WA), meaning the value of its landholdings constituted 60% or more of its total property value. Barrick contended that the assessment was incorrect, arguing that Placer Dome's value was not primarily derived from land, and that the assessment failed to properly account for the value of Placer Dome's goodwill.

The central legal issues before the High Court were whether Placer Dome qualified as a "listed land-holder corporation" for stamp duty purposes, and how the value of its property, including any goodwill, should be determined under the relevant provisions of the *Stamp Act*. Specifically, the court had to consider the valuation methodologies applicable to determining the proportion of land value within Placer Dome's total assets, and whether the concept of "legal goodwill" was relevant and how it should be quantified in this context.

The High Court allowed the appeal, setting aside the order of the Court of Appeal and dismissing Barrick's appeal to that court. The High Court found that Barrick, as the taxpayer, bore the onus of establishing that the Commissioner's assessment was incorrect. Barrick had failed to discharge this onus before the State Administrative Tribunal by not adequately addressing the question of the value of Placer Dome's entire portfolio of gold mining and exploration tenements as a whole. Consequently, Barrick had not demonstrated a basis for remitting the matter for a further opportunity to make out its ground of objection regarding the land-rich ratio. The court also noted it was too late for Barrick to raise new complaints about the assessment's calculation of the unencumbered value of specific Western Australian assets.