OverviewDuties (formerly stamp duties) are imposed by each Australian state and territory. However, there are significant differences between each jurisdiction’s laws, policies and practices.
Duties are a tax on transactions (and certain documents that effect or record transactions).
The types of transactions that are subject to duty include:
- transfers and other transactions concerning dutiable property;
- acquisitions of interests in landholders;
- trust acquisitions and trust surrenders;
- acquisitions of partnership interests;
- mortgages;
- hire of goods;
- insurance and
- motor vehicle registration.
ExperienceDuties can be a complex area of tax law: it is not possible to provide details of all dutiable transactions and all exemptions and concessions. The indirect tax specialists at Hall & Wilcox have extensive experience and expertise in this area of tax, and can provide the following services:
- tax consulting and planning: exemptions and concessions, private rulings to support tax position, effective ownership, holding and financing structures, reduction of multiple imposition of duties, effective entry and exit strategies on transactions, restructuring of entities and debt facilities, development of value added solutions;
- transaction management: optimisation of tax position, structuring of transaction steps, FIRB advice and applications, due diligence, lodgements and dealings with the SRO;
- tax compliance and risk management: documentation and IT systems reviews, compliance checks, assessment of organisational tax risk profile, specialist advice on contentious issues, compliance training, formal or informal advice support services, voluntary disclosures to the SRO; and
- tax dispute management: strategies for managing the audit process, management of investigations and audits, dispute resolution, litigation support.
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