2015-16 State Budget

Handed Down 18 June 2015

As part of the 2015-16 State Budget the Government announced the following taxation measures:

Measures taking effect from 18 June 2015

  • Abolition of stamp duty on non-quoted marketable securities (see Information Circular 76)
  • Abolition of stamp duty on non-real property transfers (see Information Circular 76)
  • Expansion of the availability of corporate reconstruction relief (see Information Circular 77)
  • Expansion of the stamp duty concession for exploration tenements to include retention tenements
  • Introduction of a stamp duty exemption for a principal place of residence transferred into a Special Disability Trust for no consideration (see Information Circular 79)
  • Removal of the exemption available in relation to the partition of property between members of a family group.

Measures taking effect from 1 July 2015

Measures taking effect from the date of assent

  • Expand the stamp duty exemption for interfamilial farm transfers, in particular in relation to transfers involving the use of certain types of trusts (see Revenue Ruling SDA007)
  • Legislate ex gratia relief for incapacitated persons
  • Legislate ex gratia relief for disability service providers
  • Legislate ex gratia relief for charitable and religious purposes
  • Extend the definition of family group to include domestic partners
  • Retrospective date of sale amendments (see Revenue Ruling SDA008[V3])
  • Payment of tax on appeal

Measures taking effect from 1 July 2016

  • One third reduction of conveyance duty on the transfer of non-residential, non-primary production real property

Measures taking effect from 1 July 2017

  • Further one third reduction of conveyance duty on the transfer of non-residential, non-primary production real property

Measures taking effect from 1 July 2018

  • Abolition of conveyance duty on the transfer of non-residential, non-primary production real property
  • Anti-avoidance provisions
  • Abolition of stamp duty on transfers of units in unit trusts
  • Removal of the $1 million landholder threshold

Further information is available in Information Circular 75.