Keshni Maharaj
Clayton Utz
Partner
Sydney
Overview
Keshni Maharaj is a dedicated stamp duties practitioner.
With over 20 years' experience working on some of the largest corporate transactions in recent Australian history, Keshni understands the stamp duty aspects of a wide range of business activities.
Keshni's expertise includes advising on the stamp duty issues associated with the syndication of property trusts, corporate reorganisation, business and asset acquisitions and disposal, private public partnerships, project finance, infrastructure development, IPOs, insurance duty, private equity acquisitions, listed and unlisted trusts, securitisation and dispute resolutions with the Revenue authorities.
Keshni's track record as the lead stamp duty advisor includes the acquisition by Macquarie Bank Limited of Esanda assets from ANZ, and the acquisition of nine office towers by China Investment Corporation from Investa Property Trust for $2.4 billion, which at the time was the largest commercial real estate transaction in Australian history.
Notable Work
- Macquarie Bank Limited: Keshni advised on all stamp duty aspects of Macquarie Bank Limited's acquisition of the assets forming part of the Esanda business from ANZ Banking Group.
- APLNG:Keshni advise APLNG on Queensland related stamp duty issues in respect of APLNG's acquisition of a company which held ATP's from Origin Group.
- China Investment Corporation: Keshni advised on CIC's acquisition of nine office towers in Australia from Investa Property Trust in what was the largest commercial real estate transaction in Australian history. The deal value was $2.4 billion.
- Charter Hall Limited and Charter Hall Funds Management Limited - Property acquisitions: Keshni regularly advises Charter Hall and Charter Hall managed funds on stamp duty issues across all jurisdictions. More recently Keshni has advised Charter Hall on the establishment of its new wholesale fund WPS N1, the Deep Val Partnership Trust and also on its acquisition of the Chifley Tower Trust from GIC for approximately AUD $1 billion. Keshni also provides Charter Hall with stamp duty advice on an ongoing basis in relation to intra-fund property transfers, the setting up of new funds and in relation to capital raising.
- Saputo: Keshni advised Saputo in relation to its acquisition of various dairy farm assets from Murray Goulburn.
- Western Sydney University: Keshni advised Western Sydney University on the stamp duty aspects of the development of a new precinct in Parramatta in joint venture with a private entity.
- AXA Group: Keshni advised AXA Group on its acquisition of 3 hotels in New South Wales and 1 hotel in the ACT in 2019 for approximately $230 million.
- Qatar Investment Authority: Keshni advised on the QIA's acquisition of units in a large wholesale unit trust. The advice involved Victorian landholder duty and Queensland trust acquisition duty and whether the investment would affect the Fund's status as a wholesale unit trust in Victoria and Queensland.
- New Forests: Keshni advised on the stamp duty aspects of the acquisition of the Great Southern Forestry assets as well as on the acquisition of Gunns Timber Products and other Gunns assets from the Receivers and Managers. This included making detailed submissions to the Victorian, Tasmanian, Western Australian and South Australian Commissioners. More recently, in 2019 and 2020 Keshni has advised New Forests on its acquisition of forestry assets in Western Australia and Tasmania.
- Woolworths: Keshni advised on Woolworths' $120 million acquisition of various hotels across New South Wales which involved complex lease and transfer arrangements.
- Private Equity: Keshni has advised private equity clients on acquisitions (advised PEP on all stamp duty aspects of its $220 million acquisition of Peters from Nestle). This included advising on the stamp duties legislation across all jurisdictions, and attending to lodgements of the transaction documents across all jurisdictions in Australia.
- QSuper: Keshni advised QSuper on changes of trustee and custodians for its business across all jurisdictions in Australia..
- NBN Co.: Keshni advises NBN on stamp duty matters relating to its roll-out of the national broadband network and its acquisition of assets from Telstra and other providers.
- 360 Capital: Keshni advised on the acquisition of the Becton property funds management business and has provided ongoing advice in relation to a series of restructures across the funds management platform.
- New Forests forestry funds: Keshni advised in relation to the establishment of various forestry funds (including the Green Triangle Forest Trust)) and in relation to the acquisition of various property and forestry assets.
- Barangaroo Delivery Authority – Barangaroo Project: Keshni advised on the stamp duty aspects of the Barangaroo Project.
- Sydney Harbour Foreshore Authority (SHFA) – Darling Quarter: Keshni advised on the $500m Darling Quarter redevelopment project which involves the development and construction of a mixed-use (commercial, retail, cultural, recreational and entertainment) development located on the former Sega World site at Darling Harbour.
- NSW Treasury: Advised the NSW government in relation to the stamp duty issues surrounding the development of Barangaroo South.
- Commonwealth Government: Advised in relation to the development of the second Sydney airport at Badgery's Creek for over $2 billion.
- Parramatta City Council: Advised Parramatta City Council on the stamp duty aspects of the development of Parramatta Square.
- Large listed property group: Keshni advised a large property group (involving unit trusts) on stamp duty issues arising in a capital raising, acquisition of assets, wholesale unit trust schemes in Queensland and landholder duty in South Australia and Western Australia.
- NAB, CBA and ANZ: Keshni has advised key lenders on all aspects of mortgage duty on various transactions, including on enforceability of securities, reviewing securities to ensure that historical stamping was done correctly before lender's appoint receivers and managers.
- Bright Ruby Resources Pte. Limited - Hilton Hotel Sydney: Advised on stamp duty in relation to Bright Ruby's acquisition of the Hilton Hotel in Sydney for $440 million in 2015.
Insights
Media release: Clayton Utz advises New Forests on the sale of a 15,000 hectare timber estate
4 Jun 2025 | Media Release
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Media Release: Clayton Utz advising Central Asia Metals on A$185 million scheme of arrangement with New World Resources
21 May 2025 | Media Release
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Media release: Clayton Utz advises Bluestone Home Loans across record $3.2 billion year of residential mortgage backed securitisations
23 Dec 2024 | Media Release
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Retrospective stamp duty payments for the last 20 years of capital raisings by landholders in Victoria now a possibility
9 Oct 2024 | Article
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Build to rent: regulatory change paving the way for foreign and domestic investment
26 Sep 2024 | Article
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Increases to surcharges for foreign investors in Qld and NSW and to land tax in the ACT: update
25 Sep 2024 | Article
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Start dates confirmed for Revenue NSW’s changed duties assessment procedures for sale of land of $20 million or more
30 Aug 2024 | Article
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Beware delays as Revenue NSW changes its duties assessment procedures for sale of land of $20 million or more
7 Aug 2024 | Article
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Australian Budget 2024 walks a fine line, and steps over details for multinationals and foreign investors
15 May 2024 | Article
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Duties doldrums: NSW budget makes significant changes to stamp duty that will cause a re-think on commercial transactions
20 Sep 2023 | Article
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The current state of play: State and Territory land tax relief for Build-to-Rent (BTR) projects
23 Jun 2023 | Article
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The Victorian Government walks a delicate tightrope in the 2023/2024 Budget
26 May 2023 | Article
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Listed takeovers to lose their tax concessional status in New South Wales
12 May 2023 | Article
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Thinking about investing in Australia? Here's how the Federal Budget 2023-24 affects you
11 May 2023 | Article
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Fewer revenue measures in Budget 2023-24 signal a holding pattern with more compliance – for now
10 May 2023 | Article
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Northern Territory Budget revenue measures 2023: taxes on non-land assets to be abolished
9 May 2023 | Article
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Long-awaited tax changes to propel build-to-rent investment in Australia
3 May 2023 | Article
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Media Release: Clayton Utz advising Wyloo Consolidated on $760 million takeover offer for Mincor Resources
21 Mar 2023 | Media Release
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NSW surcharge stamp duty and land tax found to be inconsistent with certain international tax treaties
2 Mar 2023 | Article
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Budget 2022-23: multinationals, franking credits to boost tax take, and force strategy rethink
26 Oct 2022 | Article
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NSW duty on change in beneficial ownership of dutiable property – list of excluded transactions expanded
16 Sep 2022 | Article
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No option but to pay duty: NSW now imposes duty on changes in beneficial ownership
24 Aug 2022 | Article
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New South Wales Budgetary Measures 2022-23: more help is on the way for first home buyers as NSW government sets its sights on foreign investors
21 Jun 2022 | Article
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NSW Government clamps down on tax avoidance and loopholes in revenue legislation
12 May 2022 | Article
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Morrison Government's middle of the road 2022 election year Budget offers some (but not much) relief for Australian businesses
30 Mar 2022 | Article
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Victorian windfall gains tax and build-to-rent concessions: update
30 Nov 2021 | Article
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Nothing left to gain: Developers and land owners lose out as Victoria moves to impose a windfall gains tax
14 Oct 2021 | Article
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Considering a "sub-sale" in Victoria? New guidance released on what constitutes "land development"
30 Sep 2021 | Article
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The State Revenue Office wins fight to assess land tax on farmland in greater Melbourne
5 Aug 2021 | Article
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Victorian Budget 2021-22: Significant duty changes to be introduced
21 May 2021 | Article
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Media Release: Clayton Utz assists Infosys with its acquisition of experience design agency Carter Digital
19 Jan 2021 | Media Release
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Last call for amendments to discretionary trusts to avoid surcharge purchaser duty and surcharge land tax
7 Dec 2020 | Article
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Media Release: Clayton Utz sees new Virgin Australia take flight with completion of sale to Bain
20 Nov 2020 | Media Release
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Australia's Federal Budget 2020: solid and unsurprising stimulus measures, and some opportunities for business
7 Oct 2020 | Article
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Unshackling the chains of build-to-rent developments in New South Wales
30 Jul 2020 | Article
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Media Release: Clayton Utz announces new partner promotions effective 1 January 2020
6 Dec 2019 | Media Release
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New South Wales grows its duty base with significant expansion of landholder duty
31 Oct 2019 | Article
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Review all discretionary trusts now following changes to surcharge purchaser duty and surcharge land tax
30 Oct 2019 | Article
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Sweeping Victorian stamp duty changes will affect corporate restructures, property developments and foreign investment
7 Jun 2019 | Article
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Victorian Budget 2019-20 – significant changes impending for corporate restructures in Victoria
28 May 2019 | Article
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Media Release: Clayton Utz advises AXA on acquisition of Accor hotels
20 Mar 2019 | Media Release
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Buyers beware: Western Australia will levy a Foreign Purchaser stamp duty surcharge from 1 January 2019
8 Nov 2018 | Article
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Refunds and concessions for New South Wales surcharge purchaser duty and surcharge land tax
7 Mar 2018 | Article
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South Australian budget measures update - South Australia introduces a bank levy
4 Jul 2017 | Article
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Significant changes to New South Wales stamp duty laws ‒ round-up
30 Jun 2017 | Article
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