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NSW duty abolition is .... Gonski

The NSW government has yet again delayed the long awaited abolition of duty in NSW on mortgage duties on business transactions, duties on unquoted marketable securities, and duties on the transfer of non-land business assets.

NSW Premier Barry O’Farrell yesterday announced the further delay of the abolition of these duties to partly fund the contribution by the NSW Government to the Gonski reforms.

Each state government was required to abolish certain state taxes including duties as part of the trade-off for the introduction of the GST. The state governments committed to abolishing most duties as part of the Intergovernmental Agreement on the Reform of Commonwealth-State Financial Relations. In recent budget years the NSW government has consistently delayed the abolition of these key duties affecting businesses to fund budget holes or commitments.

It is safer to take the view that the abolitions of these duties is gonski and then we can all be pleasantly surprised when they are eventually abolished in the future.

23 April 2013 NSW Premier Media Release

Posted in: Tax & ATO News Australia at 24 April 13