NSW Stamp Duty Abolition deferred yet again

NSW has announced it will temporarily defer the abolition of stamp duties that were due to be abolished from 1 July 2013.

Premier Barry O’Farrell announced on 23 April 2013 that NSW will implement the Gonski national education reforms and the taxes will be retained to help with the $1.7 billion in additional funding required.

As part of the Inter-Governmental Agreement on taxes, NSW was to abolish stamp duty on:

  • mortgages
  • transactions involving shares and units
  • transactions involving business assets such as goodwill and intellectual property.

This had already been deferred previously. The Government has not announced for how long the taxes will be retained.

Queensland, South Australia and the Northern Territory were also due to abolish their remaining Inter-Governmental Agreement taxes but have announced previously that they have indefinitely deferred that abolition. Therefore Western Australia is the only State not (yet) to have deferred abolishing those stamp duties.