Stamp duty abolition deferred...again

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5 June 2012

Not too surprisingly, South Australia has followed the lead of the Northern Territory and Queensland by announcing that it will defer the abolition of transfer duty on non-land property indefinitely.

The abolition had previously been deferred to 1 July 2013. If other abolition schedules remain on foot, then duty will continue to be payable on business assets from 1 July 2012 in South Australia, the Northern Territory, Queensland and Western Australia[1].

However, in a move that was not anticipated, South Australia also decided to defer the abolition of marketable securities duty indefinitely. It is now only one of two States still charging duty on marketable securities, the other State being New South Wales. Accordingly, duty will continue to be charged on transfers of shares in companies taken to be registered in South Australia and of units in unit trusts where the register of unitholders is kept in South Australia.

It remains to be seen whether New South Wales will follow suit and announce that it too will defer the abolition of stamp duty when it hands down its Budget on 12 June. New South Wales is scheduled to abolish transfer duty on business assets, marketable securities duty and mortgage duty from 1 July 2012.


[1] Note that Western Australia is still scheduled to abolish transfer duty on business assets from 1 July 2013.


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Heran Kim

Special Counsel. Sydney
+61 2 9210 6200

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