Delay of stamp duty abolition

The State Government has again deferred the abolition of stamp duty on non-real, non-residential property conveyances.

Stamp duty is currently payable (on a sliding scale) when business assets are sold or transferred. So for example, if you sell your South Australian business to another party, you would pay stamp duty. It had previously been announced that this would be abolished from 1st July 2012 but, unsurprisingly given the long history of delays on this matter, the State Government announced in December that this will be deferred until 1st July 2013. Another initiative, the abolition of stamp duty on unlisted financial products, will still proceed on 1st July 2012 as previously announced.