Australia

Details

  • Service: Tax
  • Industry: Real Estate & Construction
  • Type: Regulatory update
  • Date: 29/04/2013

Tax Insights

KPMG's analysis of tax issues and developments.

Matthew Stutsel

Matthew Stutsel
Partner, Tax

+61 2 9455 9094

mstutsel@kpmg.com.au

NSW stamp duty abolition is Gonski 

by Matthew Stutsel, Indirect Tax Specialist

NSW has announced it will temporarily defer the abolition of stamp duties that were due to be abolished from 1 July 2013. Premier Barry O’Farrell announced on 23 April 2013 that NSW will implement the Gonski national education reforms and the taxes will be retained to help with the $1.7 billion in additional funding required.

As part of the Inter-Governmental Agreement on taxes, NSW was to abolish stamp duty on:

  • mortgages
  • 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.

 

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