Key Points:
Queensland exploration permits and authorities will now
be subject to stamp duty, and the top rate of duty is also set to
increase - and both changes will be retrospective from 13 January
2012.
Changes to Queensland's exemption from stamp duty for
exploration permits were foreshadowed by the previous ALP State
Government in its mid-year fiscal statement on 13January 2012, but
it was unclear until now what the policy of the incoming Government
would be. The mining industry now has some clarity, with the
Government moving to bring exploration permits and authorities to
prospect into the stamp duty net via the Fiscal Repair Amendment
Bill 2012.
Historically, Queensland has had lower rates of stamp duty
– with a top marginal rate of 3.75% until a decade ago
– and (unlike other jurisdictions) has allowed an
exemption on the direct or indirect dealing in exploration
tenements.
