The State Government has announced changes to the Duties Act 2008 in relation to transfer duty, landholder duty and vehicle licence duty. These changes include:
- aligning the general rate of transfer duty to the residential rate of duty, so the lower rate applies to all transactions. Applications for the residential rate of duty will no longer be required for transactions entered into from 1 July 2022.
- amending the transfer duty concession available for small business and residential property transfers to ensure it continues to provide lower rates of duty on assets valued at less than $200,000.
- exempting family court orders (instead of being charged with nominal duty of $20) meaning nominal duty will be charged on the transfer of land when the property is actually transferred.
- introducing a new vehicle licence duty exemption for:
- cancelled sales or faulty vehicles returned; and
- dealers acquiring vehicles for use as service demonstrators.
- abolishing duty on prospecting licences for transactions entered into from 1 July 2022, unless transferred with other property.
Changes will be reflected on the website and in our publications as they come into effect.