You may recall our June 2012 article “Don’t count your chickens before they hatch” which noted that following the 2012 budget, the NSW Government deferred its initial plans to abolish stamp duty on the transfer of business assets until 1 July 2013.
Unfortunately, the Government has yet again deferred the abolition “temporarily” however no time frame has been announced.
Before the Government can implement the abolition of stamp duty on the transfer of business assets, it must first pass legislation to amend the relevant provisions currently in the Duties Act 1997.
And the waiting continues…
If you would like information on the transfer, sale or purchase of business assets the commercial and contract law experts at Matthews Folbigg Parramatta can provide you with legal advice. Contact our commercial lawyers today.
Phillip Brophy – firstname.lastname@example.org or 9635 7966