The New South Wales Government has confirmed, as part of the 2014/2015 State Budget delivered on 17 June 2014, that certain stamp duties will be abolished on 1 July 2016. The types of duty to be abolished in NSW on 1 July 2016 are:
- mortgage duty,
- marketable securities duty on the transfer of unquoted shares and units, and
- transfer duty on non-land business assets, such as goodwill and intellectual property.
Currently, NSW is the only State that imposes mortgage duty. Marketable securities duty is still imposed in both NSW and South Australia (with South Australian marketable securities duty to be abolished at a date yet to be confirmed by the South Australian Government). Duty on the transfer of non-land business assets is currently imposed in NSW, Queensland, Western Australia, South Australia and the Northern Territory – the jurisdictions other than NSW have committed to abolishing this duty when budget circumstances allow, at a date to be confirmed.