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ARTICLE · 09 JUNE 2010

2010 State Budget Wrap

Norton Rose Fulbright Australia
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The first round of State Budgets has been released, with Victoria, the ACT and NT all making announcements on 4 May 2010, Western Australia on 20 May 2010, and other States and Territories to follow suit shortly.

AustraliaTax
Andrew Spalding
Andrew Spalding
Anna Wilson
Anna Wilson
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The first round of State Budgets has been released, with Victoria, the ACTand NT all making announcements on 4 May 2010, Western Australia on 20 May 2010, and other States and Territories to follow suit shortly. The grip of the global financial crisis has not yet left us and it could be expected that in the 2010 State Budgets, the trend will be one of clinging to revenue and possibly even deferring the planned abolition of certain duties.

Abolition of Duties?

There is no immediate obligation on the States to abolish further duties. Under the Intergovernmental Agreement on Federal Financial Relations, the States and Territories are obliged to abolish a number of taxes and duties by 1 July 2013, including duty on marketable securities and duty on non-land business assets.

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