By Adam Littlewood, Cutcher & Neale, Accountants, Newcastle.
Good news! On 13 June 2016, NSW Treasurer Gladys Berejiklian confirmed that the NSW Government in its upcoming 2016-17 State Budget (set down for 21 June 2016) will abolish the following duties from 1 July 2016.
- Duty on transfers of marketable securities (including unlisted shares in a NSW registered company and units in a unit trust registered in NSW)
- Mortgage duty
- Duty on transfers of business assets (goodwill, IP, statutory licences etc)
Note that duty will still be payable on the transfer of land.
In addition, whilst marketable security duty is being abolished, the transfer of shares and units in a company or trust with land valued over $2m may still attract landholder duty.
For more information, read the NSW Office of State Revenue document which provides more detailed information on the Abolition of Duties.