07 Dec 2015
The South Australian Budget Bill finally receives Royal Assent
by Keshni Maharaj
South Australia has abolished stamp duties on all non-real property transactions.
The Statutes Amendment and Repeal (Budget 2015) Act 2015 which gives effect to measures announced by the Government in the State Budget on 18 June 2015 was assented to by the South Australian Governor on 1 December 2015.
The Amending Act abolishes stamp duty in South Australia on non-quoted marketable securities and on non-real property transfers and applies retrospectively on and from 18 June 2015.
Further information relating to the abolition of stamp duty of these types of property, is outlined in Information Circular 76.
The effect of the Amending Act is that only documents transferring land or an interest in land are required to be stamped or lodged with RevenueSA.
A new circular Information Circular 85 setting out the exemption for corporate reconstruction relief (now to be found in Part 4AA of the Stamp Duties Act 1923 (SA)) has also been published by RevenueSA.
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Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.