DUTIES ACT 1997 - SECT 35 Abolition of duty on transfers of business assets

DUTIES ACT 1997 - SECT 35

35 Abolition of duty on transfers of business assets

(1) On and from 1 July 2016, a business asset is not dutiable property (despite section 11).

(2) Subsection (1) does not apply in respect of any transfer or transaction with respect to business assets that occurs before 1 July 2016 and, accordingly, does not affect any requirement to pay duty under this Chapter in respect of the transfer or transaction.