The States and Territories committed to a time-line for the
abolition of various state taxes and duties as part of the
introduction of the GST and in return for the Commonwealth's
commitment to distribute GST revenue to them. All states and
territories have abolished duty on listed shares (marketable
securities), with other duties in various stages of abolition.
From 1 January 2009 a new Intergovernmental Agreement on Federal
Financial Relations took effect. Under this agreement, 1 July 2013
is the ultimate deadline for the abolition of any remaining duties
on the transfer of non-land business assets, non-quotable
marketable securities, leases, mortgages and other loan securities,
credit arrangements, instalment purchase arrangements and rental
arrangements, cheques, bills of exchange and promissory notes.
