Stamp duty fee waived for trucking operators transferring their trailers to NSW from other jurisdictions.
The trucking industry has welcomed the New South Wales Government’s decision to expand the coverage of stamp duty exemptions on heavy vehicle trailers.
The Government’s State Revenue Legislation Further Amendment Bill passed into law late last week to end the need for operators to pay stamp duty when transferring trailers to NSW from other jurisdictions.
The move follows the decision in 2012 to exempt newly purchased trailers from stamp duty to encourage more operators to register their trailers in NSW.
“I would like to commend the fair trading minister, Matthew Mason-Cox, for delivering a red tape reform that will provide much needed cost relief to road transport operators in NSW who in turn will continue to lift productivity in that state,” NatRoad president Geoff Crouch says.
Previously, companies transferring trailers to NSW had to show evidence they paid stamp duty in the other jurisdiction.
However, stamp duty does not apply to trailers in Queensland and Victoria or under the Federal Interstate Registration Scheme (FIRS).
It meant operators could not avoid paying duty when transferring trailers to NSW.
Mason-Cox says trucking operators with trailers registered in another jurisdiction will not have to pay duty when transferring their trailer to NSW if the trailer is registered in the same name.