As part of the Inter-Governmental Agreement on taxes, NSW was to abolish stamp duty on:
- transactions involving shares and units
- transactions involving business assets such as goodwill and intellectual property.
The Government has not announced for how long the taxes will be retained.
Queensland, South Australia and the Northern Territory were also due to abolish their remaining Inter-Governmental Agreement taxes but have announced previously that they have indefinitely deferred that abolition. That leaves Western Australia as the only State not (yet) to have deferred abolishing those stamp duties.
With States increasing their spending and revenues failing to grow to match, we might expect the State budgets (which start from 7 May) to keep these duties and potentially contain new ways to raise revenue. Our team can work with you to plot a path through the complex minefield of State taxes.