On 15 May 2013, the WA State Treasurer, Mr Buswell, proposed to defer the abolition of transfer duty on non-real business assets until budget circumstances allow. Accordingly, duty will continue to be payable on the acquisition of business assets such as goodwill, statutory licences and intellectual property. The full speech can be accessed here.
Subsequently, the Duties Legislation Amendment Bill 2013 was introduced into the WA State Parliament. This Bill must receive Royal Assent before 1 July 2013. The effect of the Bill will be to repeal (not defer) the provisions that would otherwise abolish duty on non-real business assets. If the Bill is not passed by 1 July 2013, those provisions will be re-enacted, thus abolishing duty on non-real business assets. The Bill can be accessed here.
The fact that the Bill repeals the provisions is interesting. It is not simply a deferral for 3 years as was the case in 2009. This may prove to be a further barrier to passing the abolition should the Bill be assented to before 1 July 2013.
Currently the Bill is at the Second Reading stage of the Legislative Assembly. So, it is a case of "watch this space" until 1 July 2013.