After many years of delay, Stamp Duty has been abolished on the transfer of business assets from 1 July 2016.
Stamp Duty will no longer be payable on agreements entered into on or after 1 July 2016 to transfer:
- goodwill of a business
- intellectual property used in NSW
- statutory licenses such as taxi licenses and gaming machine entitlements.
Duty has also been abolished on transfer of:
- shares in NSW companies
- units in a unit trust
The abolition of these duties will create opportunities to acquire assets and implement restructuring and would result in a saving of $40,490 on a business purchased for $1,000,000.
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