South Australia has abolished stamp duties on all non-real
property transactions, and will abolish it for certain real
In its budget handed down yesterday South Australia has
abolished stamp duties on all non-real property transactions,
This means that transfers of shares in a company registered in
South Australia, transfers of debts, business assets such as
goodwill etc. on transactions that occurred on or after 18 June
2015 are no longer liable for duty.
As part of the 2015-16 State Budget, the Government on 18 June
2015 announced the following stamp duty measures:
abolition of duty on non-quoted marketable securities;
abolition of duty on transfers of non-real property;
phased abolition of duty on transfers of non-residential,
non-primary production real property;
abolition of duty on transfers of units in unit trusts;
removal of the $1 million landholder threshold.
Duty on transfers of non-residential, non-primary production
real property will be phased out starting 1 July 2016, when the
rate of duty will be reduced by 1/3 per year before being fully
abolished from 1 July 2018.
For any share transfer entered into pursuant to a share sale
agreement dated between 18 June 2015 and the date on which the
Statutes Amendment and Repeal (Budget 2015) Bill 2015 is assented
to by the Governor, the stamp duty will be paid by the Government
on behalf of the taxpayer by way of ex gratia relief.
Until duty on transfers of non-residential, non-primary
production real property is abolished on 1 July 2018, duty will
continue to apply to transfers of:
an estate or interest in land (including land covered by
an estate or interest in:
a mining tenement (although a concessional rate of duty may
a pipeline constructed under the authority of a pipeline
licence under the Petroleum and Geothermal Energy Act 2000;
an interest conferred by a forestry property (vegetation)
agreement, within the meaning of the Forest Property Act 2000;
an option to acquire land;
a right to acquire an estate or interest in land;
any other right or interest prescribed by the regulations;
anything fixed to land; and
goods that have a significant connection with the transferred
land (except those goods specifically excluded).
Duty on issues, transfers and redemptions of units in a unit
trust will be abolished from 1 July 2018, but from 18 June 2015
duty will only be payable where the trusts hold land.
Clayton Utz communications are intended to provide
commentary and general information. They should not be relied upon
as legal advice. Formal legal advice should be sought in particular
transactions or on matters of interest arising from this bulletin.
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ATO has released 2 draft fact sheets relating to the 2010 amendments to corporate law and tax in relation to dividends.
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