The Succession Duties Repeal Bill 2013 (SA) was introduced into the SA House of Assembly on 11 September 2013. The Bill proposes to repeal the Succession Duties Act 1929 (SA). The SA Government noted that all other Australian jurisdictions have abolished comparable legislation on the basis that the employment of resources required to administer the legislation was not cost effective.
It said the repeal of the Act will remove any confusion as to whether there is an ongoing liability to pay succession duty. The Bill proposes to give effect to the abolition of succession duty from 1 July 2014, extinguishing any liability from duty that has not been paid from and including 1 July 2014. It also extinguishes any potential entitlement to a refund under the Act that has not crystallised before 1 July 2014.
[LTN 180, 17/9/13]