Tasmanian Budget: State taxation changes

Tasmanian Budget: State taxation changes

Gary Chiert, Partner, and Kevin Huynh, Consultant, Indirect Tax discuss the changes to state taxes in the Tasmanian Budget handed down on 26 May 2016.

Related content

Tasmanian flag

The Tasmanian Budget was handed down on 26 May 2016 and with it came some important changes to the Tasmanian stamp duty regime. State revenue announcements include:

  • The introduction of a corporate reconstruction regime that will provide an exemption from stamp duty for certain transactions within a corporate group.
  • Until now corporate group reorganisation relief for Tasmanian stamp duty had to be sought on an ex gratia basis. The amendment will bring Tasmania in line with other Australian jurisdictions, that all provide some form of stamp duty relief for certain intra-group transactions.
  • The existing motor vehicle registration duty exemption that exists in relation to demonstrator vehicles will be expanded to recognise contemporary business practices for new motor vehicle dealerships.
  • The proposed reduction in duty on compulsory third party motor vehicle insurance premiums (a reduction from 10 percent to 8 percent due to commence on 1 July 2017), has been postponed indefinitely, and duty will continue to be charged at the 10 percent rate introduced from 1 October 2012.

Tax Insights

KPMG Australia's analysis of tax issues and developments.

 
Read more

Indirect Tax Compliance

Indirect Tax Compliance

KPMG’s Indirect Tax Compliance Centre of Excellence helps businesses stay tax compliant locally and internationally.

Connect with us

 

Request for proposal

 

Submit

KPMG's new digital platform

KPMG's new digital platform