State Taxes The 2015 Budget Changes in Detail
State Taxes The 2015 Budget Changes in Detail
Monday 20 July 2015
Paper and recording
Length: 1 hour 28 minutes
Recorded on 20 July 2015

Presenter:
Bernard Walrut, Murray Chambers

“The 2015 State Budget provides for the immediate abolition of some stamp duties, the phased abolition of stamp duty on conveyances of land used other than for residential purposes or primary production and the abolition of stamp duty on unit trust transactions from 1 July 2018. It further provided for a suite of other changes in respect of stamp duty including providing relief for corporate reconstructions (in broader terms than formerly applied), relief for inter generational transfers of primary production land (in effect re-instating the former practice allowing conveyances to discretionary trusts with a limited class of beneficiaries), the abolition of the partition and division relief involving family members and retrospective amendment as to what constitutes the date of sale for the purposes of determining the value of property the subject of a conveyance. Various land tax amendments are also proposed. The transitional provisions are not only addressed in the proposed legislation but in a number of circulars published by the Commissioner on the day of the Budget. This presentation will endeavour describe the operation of these proposed changes including the various transitional arrangements."

Bernard Walrut, Murray Chambers
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