NSW Government defers abolition of duties

The NSW Government has today released its Budget for 2012-13, which includes new duty measures.

The NSW Government has followed the lead of Queensland, Northern Territory and South Australia by announcing that it will defer the abolition of transfer duty on non-land business transfers. Queensland, Northern Territory and South Australia all refused to set a new date for the removal of duty on business transfers, whereas the NSW Government has fixed its deferral for a further 12 months.

More surprisingly, however, is the budget announcement that mortgage duty and duty on unlisted share transfers will also be extended for another 12 months. New South Wales is the only Australian state yet to abolish mortgage duty and transfer duty on marketable securities.

As a result of these announcements, New South Wales is now scheduled to abolish transfer duty on (non-land) business assets, marketable securities and mortgage duty from 1 July 2013.

For more information,please contact;

This report does not comprise legal advice and neither Gadens Lawyers nor the authors accept any responsibility for it.