Proper tax advice requires an understanding of the duty consequences of the transactions being advised upon. It has now been eight months since the new Duties Act was introduced on 1 July 2008. The Duties Act represents a significant departure from previous stamp duty practices and laws. This event reviewed the basic fundamentals of which all accountants and lawyers should be aware.
Aimed at all accountants and lawyers who have yet to consider the new Duties Act in any detail and require an overview of the Duties Act and the changes that have taken place from the Stamp Act, this event covered issues such as:
- the different language and concepts used
- what documents still need to be lodged at the Office of State Revenue?
- what documents still incur nominal duty?
- the duty on transfer of business assets
- the duty on changes of partnership interests
- the duty on changes of unit holdings in unit trusts
- the new land rich provisions
- transfers of property in and out of superannuation funds
- tips and traps to look out for.