Following the many scheduled deferments of stamp duty abolishment over the past few years, NSW stamp duty on transfers of business assets other than real property is finally scheduled to be abolished from 1 July 2016.<\/p>\n
Being a significant transaction cost, with stamp duty of over $40,000 payable on a contract for the sale of business in NSW with a purchase price of $1million, many will be getting excited at the thought of the savings.<\/p>\n
From 1 July 2016 stamp duty will no longer be payable on:<\/p>\n
1. Marketable securities duty on the transfer of unquoted shares are units (land rich duty may still apply);
\n2. Transfer duty on non-land business assets, such as goodwill and intellectual property connected with New South Wales; and
\n3. Mortgage duty.<\/p>\n
Currently, New South Wales is the only State that imposes mortgage duty. Marketable securities duty is still imposed in both New South Wales and South Australia \u2013 with South Australia marketable securities duty to be abolished at a date yet to be confirmed by the South Australian Government.<\/p>\n
Duty on the transfer of non-land business assets is currently imposed in New South Wales, Queensland, Western Australia, South Australia and Northern Territory.<\/p>\n
Certain anti-avoidance provisions will apply in the lead up to 1 July 2016 such as any sales made after 30 June 2016 pursuant to an option granted before 1 July 2016 will remain dutiable.<\/p>\n
For more information, see http:\/\/www.osr.nsw.gov.au\/taxes\/abolished<\/a> or alternatively contact our legal team on (02) 9728 3366<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Following the many scheduled deferments of stamp duty abolishment over the past few years, NSW stamp duty on transfers of business assets other than real property is finally scheduled to be abolished from 1 July 2016. Being a significant transaction cost, with stamp duty of over $40,000 payable on a contract for the sale of […]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[10],"tags":[],"acf":[],"yoast_head":"\n