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Abolition of Duties

Abolition of Taxes
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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
  • mortgages

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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