Recently the Queensland government announced the deferral of its plan to abolish transfer duty on non-land Queensland business assets (such as Goodwill and Plant & Equipment) will be until the budget can accommodate the abolition. Many commentators have noted that this may be deferred indefinitely.

The abolition had been scheduled from 1 July 2013, following the original aim to see it removed on the introduction of GST in July 2000. It should be noted that other States have either abolished duty on non-land business assets (e.g. Victoria, Tasmania and ACT) or have scheduled to abolish it (e.g. New South Wales and South Australia from 1 July 2012 and Western Australia from 1 July 2013).

 For more information on non-land business assets and if you are affected please contact our office on (07) 3231 9100.