2008 State budget
The NSW Treasurer, The Hon. Michael Costa MLC, announced changes to State taxes and duties as part of the 2008 Budget.
These changes were introduced under State Revenue and other Legislation Amendment (Budget) Act 2008.
These changes affect:
Amendments to Payroll Tax Act 2007
The tax free threshold is to be indexed annually in line with the percentage increase in the Sydney CPI All Groups Index, as determined by the ABS, for the 12 months ending on 31 March prior to each financial year.
For 2008-09 the threshold is $623,000.
The payroll tax rate of 6% is to be reduced as follows:
to 5.75% from 1 January 2009
to 5.65% from 1 January 2010
to 5.5% from 1 January 2011.
Amendments to Duties Act 1997
The abolition of duty on the transfer of business assets other than land has been brought forward from 1 July 2012 to 1 January 2011.
Duty on the transfer of shares in share management fisheries will be abolished on 1 January 2009.
Effective 1 July 2008, no duty is chargeable on a transfer, or an agreement for the sale or transfer, of marketable securities or a land rich acquisition, if the Chief Commissioner is satisfied that the transaction is made to give effect to a scheme that would qualify as a roll-over under subdivision 124-Q of the income Tax Assessment Act 1997 of the Commonwealth.