Stamp duty reprieve on the way for trucking operators transferring trailers from other jurisdictions to NSW.
Trucking operators transferring their trailers to New South Wales from other jurisdictions will soon be exempt from paying stamp duty.
The NSW Government’s State Revenue Legislation Further Amendment Bill will expand the coverage of stamp duty exemptions introduced for new heavy vehicle trailers in October 2012.
Currently, trucking companies that transfer trailers from other jurisdictions to NSW must show evidence that duty was paid in the other jurisdiction.
However, operators that purchase trailers in Queensland, in Victoria or under the Federal Interstate Registration Scheme (FIRS) do not pay stamp duty.
Fair trading minister Matthew Mason-Cox says it means those operators are liable for paying stamp duty if they want to transfer their trailer to NSW.
“The Bill will exempt transfers of heavy vehicle trailers that have been previously registered in another jurisdiction from paying duty upon establishment in NSW if the trailer is registered in the same name,” Mason-Cox says.
The Government exempted new trailers from stamp duty in 2012 to encourage more trucking companies to register their equipment in NSW, and Mason-Cox says the latest reform will send a positive message to the trucking industry.
“In the past, duty on new trailers had been a key factor in encouraging heavy vehicle operators to purchase and register their vehicles in other states. Since the abolition of duty on new trailers in October 2012, this trend has started to reverse,” he says.
“Combined with the duty exemption for new heavy vehicle trailers, the ‘same owner’ duty exemption continues to send the freight industry a strong message that the Government is determined to reduce red tape for NSW businesses.”
The NSW Government’s decision to change stamp duty requirements in 2012 brought the state in line with Queensland and Victoria.
Then treasurer Mike Baird blamed stamp duty on trailers for discouraging trucking operators from registering them in NSW.