The NSW Treasurer recently confirmed that transfer duty on the transfer of business assets will be abolished on 1 July 2016, along with transfer duty on the transfer of private company shares and mortgage duty.
The abolition of these duties creates opportunities for people who would like to restructure business assets but have not because the cost of stamp duty being of concern.
These transactions can now be tax free when combined with available CGT rollovers or concessions.
There is still time left to put yourself in a better position by considering and implementing restructures to take effect on 1 July so be sure to call us today on 02 9299 7044 or email your inquiry. We are happy to meet to discuss these issues or any other issues you might have with year-end planning.