Abolished Taxes and Duties
As part of the ACT's taxation reform measures, duty on general and life insurance was fully abolished on 1 July 2016.
For premiums paid on or after 1 July 2016, the rate of duty is nil.
The Commissioner for ACT Revenue has issued a disallowable instrument for special arrangements for lodgement of returns; under the DI insurers are exempt from the requirement to lodge monthly returns to the Revenue Office. See http://www.legislation.act.gov.au/di/2016-157/default.asp
Long-term lease duty
A long-term lease is a commercial lease with a term that is 30 years or greater (over single or multiple terms). Duty is applicable to long-term leases entered into before 29 April 2014. Long-term leases entered prior to this date will be liable for duty at conveyance rates and require the lodgement of a valuation for conveyancing purposes to determine the dutiable value of the lease.
Unlisted Shares, Units and interests
Duty on the acquisition of unquoted marketable securities ceased on transactions first executed on or after 1 July 2010. This applies if the entity in which the marketable securities are acquired does not hold land in the ACT.
If the entity is a landholder in the ACT please refer to Landholder duty - shares, units and interest
After 30 June 2010, duty on the transfer of marketable securities listed on a recognised stock exchange (the Australian Stock Exchange, any other member of the World Federation of Exchanges or a financial market recognised by the Minister) is abolished.
Short-term Commercial Leases
A short-term commercial lease first executed after 30 June 2009 is not liable for duty.
A lease includes an agreement for a lease. To ensure consistent and equal treatment for all lessors, any lease first executed before 1 July 2009 is liable for duty on the full cost or value for its full term and there are no pro rata refunds for any period of the lease that continues beyond the abolition date.
A variation to a lease (other than long-term lease) commencing after 30 June 2009 is not liable for duty.
For information on Commercial Lease with a premium please see Commercial Lease with premium
On 1 July 2008, duty on instruments that relate to the establishment of and variation to some trust documents is abolished. This measure will not affect duty on trust instruments over dutiable property, which will continue to be liable to duty.
From 1 July 2006, duty on franchise arrangements is abolished.
Duty on Non-real Business Assets
Commencing 1 July 2006, duty on non-real Core Business Assets will no longer be charged, as a result, duty will be no longer chargeable on transfers and transactions involving:
- the goodwill of a business;
- intellectual property; and
- a statutory licence or permission under Commonwealth or Territory law.
In addition, partnership interests and goods in the ACT will now only be dutiable property where they include, or are dependent on, an arrangement that includes land, a crown lease, or land use entitlements. Transfers and transactions involving partnership interests and goods will not be liable for duty on goodwill, intellectual property and statutory licenses or permissions.
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