The Queensland Government has committed to abolishing a number of state taxes over the six years from 2005-06 to 2010-11.
In an agreement with the Commonwealth Treasurer, Queensland and 5 other States and Territories have agreed to the program in return for GST payments.
The Queensland taxes to be abolished are:
* Stamp duty on non-quotable marketable securities;
* Stamp duty
on leases;
* Stamp duty on mortgages, bonds, debentures and other loan
securities;
* Stamp duty on credit arrangements, instalment purchase
arrangements and rental arrangements; and
* Stamp duty on business conveyances other
than real property, such as goodwill, supply rights of a business and
intellectual property.
Queensland does not have stamp duty on cheques, bills of exchange and promissory notes and has already abolished credit card duty.
However Queensland has refused to abolish stamp duty on business conveyances on real property.
UPDATE:
The
proposed timetable outlined for the abolition of the taxes is:
• 2005-06: Qld to abolish 100% lease duty and credit business duty (from 1 January 2006); SA to abolish mortgage duty (in part) from 1 January 2006; NT to abolish 100% of electronic debits tax;
• 2006-07: Vic to abolish 100% of rental duty from 1 January 2007; Qld to abolish 100% of hire duty and marketable securities duty (from 1 January 2007); SA to abolish 100% of other minor duties; Tas to abolish 50% of mortgage duty; ACT to abolish 100% of non-realty conveyances; NT to abolish 100% of marketable securities duty and lease duties;
• 2007-08: Qld to abolish 50% of mortgage duty on 1 January 2008; SA to abolish 33% of rental duty and the remaining mortgage duty; Tas to abolish 100% of mortgage duty; ACT and NT to abolish 100% of rental duty;
• 2008-09: Qld to abolish 100% of mortgage duty on 1 January 2009; SA to abolish 67% of rental duty and remaining mortgage duty; Tas to abolish 100% of non-realty conveyances;
• 2009-10: Qld to abolish 50% of non-realty conveyances from 1 January 2010; SA to abolish 100% rental duty and remaining mortgage duty, and 50% of non-realty conveyances and marketable securities duty; ACT to abolish 100% of lease duty; NT to abolish 100% of non-realty conveyances;
• 2010-11: Qld to abolish 100% of non-realty conveyances on 1 January 2011; SA to abolish 100% of non-realty conveyances and marketable securities duty; ACT to abolish 100% of marketable securities duty.
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