SEpTEmbEr 2007
State Taxes - Progress of Abolition of Duties - Which duties still apply?
ACT
Transfer Duty on unquoted marketable securities Yes - until 1 July 2010
NSW
Yes - until 1 January 2009 No
NT
No
QLD
SA
Yes 50% reduction on 1 July 2009; 100% abolition on 1 July 2010 Yes - 50% reduction on 1 July 2009; 100% abolition on 1 July 2010 No No
TAS
No
VIC
No
WA
Transfer Duty on nonreal business assets (ie goodwill, IP and statutory licences) Lease Duty1
No
Yes - until 1 July 2012
Yes - until 1 July 2009
Yes - 50% reduction on 1 January 2010; 100% abolition on 1 January 2011 No
Yes - until 1 July 2008
No
Yes - until 1 July 2010
Yes - until 1 July 2009 No
Yes - until 1 January 2008 Yes - until 1 July 20092
No
No
No
No
Mortgage Duty
No
Yes - 50% reduction on 1 January 2008; 100% abolition on 1 January 2009
Yes - 67% reduction on 1 July 2008; 100% abolition on 1 July 2009 (33% reduction occurred on 1 July 2007) Yes - 67% reduction on 1 July 2008; 100% abolition on 1 July 2009 (33% reduction occurred on 1 July 2007)
No
No
Yes - until 1 July 2008 (50% reduction occurred on 1 July 2006)
Hire of Goods Duty
No
No
No
No
No
No
No
If you would like to know more, please contact:
Richard Snowden Partner Telephone: +61 2 9947 6356 Email: richard_snowden@hdy.com.au Stephanie Caredes Lawyer Telephone: +61 2 9947 6626 Email: stephanie_caredes@hdy.com.au
1 2
Transfer Duty may still apply on the grant, transfer or surrender of a lease. Mortgage Duty on mortgages for owner occupied housing (where the borrower = natural person) was abolished on 1 September 2007. Mortgage Duty on mortgages for “investment housing” (where the borrower = natural person) will be abolished on 1 July 2008.