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Good news for business with three taxes axed

Good news for business with three taxes axed

15 June 2016

The NSW government have confirmed they will axe three business taxes from 1 July 2016.

Ahead of the state budget, NSW Treasurer Gladys Berejiklian confirmed the government will be scrapping business mortgage duty, a tax which is imposed on a business mortgage when it is used as security for another business transaction.

The state government will also abolish share transfer duty, a tax on the transfer of non-listed shares in a NSW company or a unit trust scheme. 

Non-real transfer duty, a tax on the transfer of business assets such as goodwill, intellectual property, patents and designs will also no longer apply.

The tax cut is expected to save businesses more than $400 million a year, or $1.8 billion over the next four years.

It should be noted that these changes are already legislated. This announcement just indicates the abolition date will not be deferred once more.

For further information or to find out how this may impact your business speak with your local Boyce accountant. 

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