Mid-year budget review:

Stamp duty on non-real non-residential conveyances

Status: Current
Legislation: Stamp Duties Act 1923
Date Issued: 16 December 2011

Information Circulars do not have the force of law.

Background

The government has previously announced that it would abolish stamp duty on unlisted financial products and non-real non-residential conveyances from 1 July 2012.

This Information Circular provides information in relation to the 2011-12 Mid-Year Budget Review released by the Treasurer today.

Discussion

As part of the 2011-12 Mid-Year Budget Review released today, the government has announced that it will delay the abolition of stamp duty on non-real non-residential conveyances by one year to 1 July 2013.

Abolition of stamp duty on unlisted financial products will still occur on 1 July 2012.

The government’s revised timeline for abolishing non-real non-residential conveyances is consistent with the government’s commitments under the Intergovernmental Agreement on Federal Financial Relations (IGA).

It is proposed that a Bill to implement the government’s remaining commitments under the IGA will be progressed in the first half of 2012. The Bill will provide for both the abolition of duty on unlisted financial products and abolition of duty on non-real non-residential conveyances in line with the above timetable.

The Bill will be released to industry groups for confidential consultation in coming days.

View this Information Circular as PDF (PDF 264KB)