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NSW Stamp Duty Abolition Deferred...Again

NSW Stamp Duty Abolition Deferred...Again

28 May 2013

The NSW Premier, Barry O’Farrell, recently announced that he will temporarily defer the abolition of the stamp duties that were due to be abolished from 1 July 2013. The duties will be retained to help with the $1.7 billion in additional funding required for NSW to implement the Gonski national education reforms. 

As part of the Inter-Governmental Agreement on taxes, NSW had agreed to abolish the following categories of stamp duty: 

  • transfer duty on unquoted marketable securities i.e. unlisted shares and units 
  • transfer duty on business (non-land) assets such as goodwill and intellectual property 
  • mortgage duty (unless already exempt)

Implementation of the abolition of these duties has been deferred on a number of previous occasions by both NSW Labor and Coalition governments and Premier O’Farrell has not yet announced a revised date. Further details are expected in the State Budget to be handed down on 18 June 2013.
 
If you would like to know more about how this announcement may affect you, please seek professional advice from a solicitor, or contact your local Boyce Director who will work with your legal advisor to find the best outcome for your particular circumstances.

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