Australia: Repeal of stamp tax on non-land assets announced in 2023-2024 budget (Northern Territory)
Stamp Duty Amendment Bill 2023
2023-2024 budget (Northern Territory)
The elimination of stamp duty (tax) on the conveyance of non-land property would align the Northern Territory with all jurisdictions except for Queensland and Western Australia.
The Stamp Duty Amendment Bill 2023 was introduced into the Northern Territory parliament on 9 May 2023.
Broadly, the bill would eliminate the tax on the transfer of business assets such as goodwill, a right to use a business name, intellectual property, and various statutory licences.
In addition, stamp tax would be exempted on chattels conveyed with a lease that has zero or nominal dutiable value, provided the transaction does not include any other dutiable property (e.g., land, mining tenements).
Stamp tax would still be payable on the transfer of land, chattels transferred with land, mining tenements, petroleum interests, motor vehicles, and insurance policies insuring risk in the Northern Territory.
Any transaction or conveyance of non-land property entered into before 9 May 2023 would still be subject to stamp tax in the Northern Territory. Accordingly, a stamp tax return with respect to any agreement, including an option to acquire dutiable property, entered into before 9 May 2023, must be filed with the Northern Territory Revenue.
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