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April 26, 2013

Deferral of abolition of NSW duties

The NSW Premier has announced that the following categories of NSW stamp duty, which were due to be abolished as from 1 July 2013, will continue to be charged indefinitely in order to fund education reforms:

  • transfer duty on unquoted marketable securities;
  • transfer duty on non-real (ie, non-land) business assets; and
  • mortgage duty (unless already exempt).

This means that duty will continue to be charged on transactions involving:

  • 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
  • loans 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.

More details are expected in the NSW State Budget.

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Posted 26th April 2013 by David Jacobson in Business Planning, Financial Services, Tax, Uncategorized