On 12 June 2012, it was announced in the NSW State Budget that
the following heads of NSW stamp duty, which were due to be
abolished as from 1 July 2012, will continue to be charged until 1
transfer duty on unquoted marketable securities;
transfer duty on non-real (ie, non-land) business assets;
This means that duty will continue to be charged on transactions
transfers of, or declarations of trust over:
shares in unlisted companies registered in NSW;
units in unit trusts scheme where the register is maintained in
NSW or, if outside Australia, then the manager is a NSW company or
natural person resident in NSW;
goodwill and intellectual property (including patents and
trademarks) of a business carried on in NSW;
statutory licences or permissions granted under Commonwealth
law and exercised in respect of NSW;
statutory licences, permissions or poker machine entitlements
granted under NSW law; and
financings where security is granted over property wholly or
partly in NSW, or the making of further advances where such
mortgage or charge has already been granted.
This follows recent similar announcements by Queensland, the
Northern Territories and South Australia, each of which has
postponed the abolition of conveyance duties on certain non-real
The NSW announcement included mention of the Intergovernmental
Agreement on Federal Financial Relations entered into between the
Commonwealth and the States and Territories of Australia (which
commenced on 1 July 2009), and under which all parties agreed to
the abolition, by 1 July 2013, of duty on transfers of all
marketable securities and on non-real non-residential conveyances.
NSW's deferral of the abolition to 1 July 2013 remains within
the terms of that agreement, but none of Queensland, the Northern
Territories or South Australia have provided a revised date for the
abolition of their remaining heads of duty which fall to be
abolished under the agreement.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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The income tax treatment of any property lease incentive will vary, depending on the nature of the inducement provided.
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