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| Image Credit: Brian Gurrola |
The NSW Government has confirmed the indefinite deferral on the abolition of duty on unlisted marketable securities, mortgage duty on commercial properties and duty on transfers of business assets other than land to fund the Gonski education reforms.
These duties were, most recently due to be abolished on 1 July 2013. Before then, the duties were due to be abolished on the introduction of GST in 2000 and on a number of occasions since then. On each earlier occasion the proposed abolitions were deferred ‘temporarily’.
WA has also announced it will defer the abolition of duty on non land business assets (e.g. goodwill and statutory licences) indefinitely.
As with all other Australian states, other than NSW, WA abolished marketable securities duty and mortgage duty some time ago.
Until next week.