The State Revenue and Other Legislation Amendment (Budget Measures) Act 2013 (NSW) gives effect to the revenue measures in the 2013-14 Budget. While there are some payroll tax concessions, we will need to wait a bit longer for the elusive stamp duty concessions for transfers of unlisted shares and some business assets. The NSW Government has indicated that it remains committed to these concessions, but has not given any indication as to when they are likely to commence.
On 26 June 2013, the State Revenue and Other Legislation Amendment (Budget Measures) Act 2013 (NSW) (Act) received Royal Assent.
The Act once again defers the abolition of stamp duty on non-quoted marketable securities and fisheries shares, non-real property business assets, mortgages and statutory licences or permissions and gaming machine entitlements.
Other changes introduced by the Act include:
- extending the $15,000 first home owners grant until 1 January 2016;
- increasing the prescribed rate for the health insurance levy;
- increasing the payroll tax threshold to $750,000 and removing annual indexation; and
- increasing the Jobs Action Plan payroll tax rebate to $5,000 and extending the plan to 30 June 2015.