It’s Like Déjà Vu – All Over Again – NSW Defers the Abolition of Stamp Duty

Abolition of NSW duties deferred again -

The NSW Government has indicated that the abolition of Inter-Governmental Agreement taxes, including duties on:

- marketable securities (shares and units)

- non-land business assets

- mortgages

that were due to be abolished in NSW effective on 1 July 2013, is "temporarily" deferred.

Implementation of the abolition of stamp duties has been deferred in NSW on a number of previous occasions, and the NSW Government will first need to pass legislation to amend the relevant provisions of the Duties Act 1997 to effect the deferral beyond 1 July 2013. At this time, this amending legislation has not been passed and no deferral date has been announced.

Please see full alert below for more information.

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Topics:  Duties, Mortgages, Proposed Legislation, Securities, Stamp Duty Land Tax

Published In: General Business Updates, Residential Real Estate Updates, Securities Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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