When GST was introduced in 2000, this was meant to replace more
inefficient state taxes. Over the years various timetables have
been set by law for their abolition, and most Australian states
have gone further down that path than NSW.
The NSW Treasurer announced a further extension of NSW State
taxes in his June 12 budget, to compensate for GST revenue not
keeping pace with government services costs.
Firstly this included an extension from the scheduled 1 July
expiry date of loan security duty, being stamp duty on loans
secured over property in New South Wales, other than residential
property. NSW is the only State where this particular duty remains,
and it also causes difficulties where clients arrange a loan
secured over property in several States.
