Once again the NSW Government has announced it will abolish stamp duty on business assets and other real property.
From 1 July 2016, stamp duty will not apply to:
- transfers of business assets; and
- transfers of marketable securities (i.e. shares in companies and units in unit trusts);
- transfers of commercial fishery shares;
- transfers of statutory licenses or permissions, and gaming machine entitlements; and
that are entered into after 1 July 2016.
For business owners or investors looking at acquisitions, it may be wise to hold off signing any documents for the purchase of business assets or shares that are in NSW until after 1 July 2016.
Tread with caution, however, as the abolition of these duties has been deferred on three separate occasions since 2008. In the meantime, we can only hope that these changes become effective in NSW!
Bryks Lawyers had considerable expertise in commercial transactions. If you have any questions about the changes to stamp duty, please contact our experienced team and we will assist you through the registration process.
This information is for information purposes only and is not legal advice. You should obtain advice that is specific to your circumstance and not rely on this publication as legal advice. Please contact us if you wish for us to advise you on any issue you may have arising from this publication.