35Abolition of duty on transfers of business assets

35 Abolition of duty on transfers of business assets

35 Abolition of duty on transfers of business assets

(1) On and from 1 July 2016, a business asset is not dutiable property (despite section 11).

(2) Subsection (1) does not apply in respect of any transfer or transaction with respect to business assets that occurs before 1 July 2016 and, accordingly, does not affect any requirement to pay duty under this Chapter in respect of the transfer or transaction.

s 35: Rep 2000 No 44, Sch 2 [14]. Ins 2006 No 49, Sch 1 [9]. Am 2008 No 48, Sch 1 [6]; 2008 No 122, Sch 1.1 [7]; 2012 No 46, Sch 1.1 [1]; 2013 No 50, Sch 1 [7]–[9]. Subst 2014 No 37, Sch 1 [4].