Advocating for red tape reduction / stamp duty savings

The QSBC advocated strongly for a stamp duty exemption for small business restructures, having received feedback that this tax was a growth inhibitor and prevented businesses from operating in an optimal structure. As a result, an exemption was introduced by the Queensland Government in September 2020. An accountant advised the Commissioner that their client had accessed this small business exemption when restructuring from a trust to company, and this exemption saved the business owner over $30,000 in stamp duty and a considerable amount of red tape.