In the NSW Government Mini Budget Speech on 11 November 2008, the Treasurer announced the abolition of stamp duty on the transfer of unlisted shares in NSW companies would be deferred from 1 January 2009 until 1 July 2012.
The applicable rate of duty is 0.6%.
Other revenue measures announced in the NSW Government Mini Budget include the following:
- For the 2009 land tax year, a marginal rate of 2% will apply to
land tax payers with taxable land holdings above $2.25 million,
with land below this value remaining subject to the 1.6%
rate.
Principal places of residence and rural properties will remain exempt from land tax.
- The land rich duty provisions, which apply stamp duty to the purchase of a large share of a private company where more than 60% of the assets are land, will be simplified.
- An increase in nominal duties on a range of documents.
- Deferral of the abolition of mortgage duty on business loans from 1 July 2009 to 1 July 2012.
- Deferral of the abolition of stamp duty on non-land business assets from 1 January 2011 to 1 July 2012.
- An increase in mineral royalties paid to the NSW Government from 1 January 2009.
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