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14 Jun 12
New South Wales Government defers abolition of stamp duty

The New South Wales Government has announced the deferral of the abolition of marketable securities duty on unquoted marketable securities, duty on mortgages and transfer duty on non-land business assets until 1 July 2013.  Those duties had been due to be abolished from 1 July 2012.

These changes have particular consequences for the resources sector as they delay the abolition of transfer duty on dealings with statutory licences, permissions and entitlements, which includes exploration tenements.

The deferral of the abolition of transfer duty on non-land business assets is not unexpected given that South Australia, the Northern Territory and Queensland have all recently announced a similar deferral.  However, unlike the case of New South Wales, those other jurisdictions have deferred the abolishment indefinitely.  From 1 July 2012, duty will continue to be payable on non-land business assets in New South Wales, South Australia, the Northern Territory, Queensland and Western Australia (due to be abolished on 1 July 2013).

New South Wales is one of only two states (along with South Australia) which continue to charge duty on marketable securities.  New South Wales is the only State which continues to charge mortgage duty.

If you have any questions regarding these announcements please contact the McCullough Robertson Stamp Duty team.

 

This alert covers legal and technical issues in a general way. It is not designed to express opinions on specific cases. It is intended for information purposes only and should not be regarded as legal advice. Further advice should be obtained before taking action on any issue dealt with in this publication.

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