THE Livestock and Bulk Carriers Association has welcomed changes that will see stamp duty on new trailers abolished in New South Wales.
On October 29 the State Revenue Legislation Further Amendment Bill was passed.
"The NSW Government continues to lift the benchmark and breathe new life back into the NSW road freight agenda, and this week has definitely been no exception," wrote the LBCA executive director and Secretariat executive director Emma Higginson in a newsletter last week.
"This week, we are extremely pleased to report that the NSW Government (under the guidance of the Duncan Gay and Treasurer, the Mike Baird) translated a major industry reform from a 'we're gonna' into a 'we've done' as the dream of abolishing stamp duty on new truck trailers in NSW became a reality," Higginson wrote.
From Monday, October 29, stamp duty will no longer apply on new trailer registration.
Higginson said it must be a first that there would be no paperwork to fill out or rebate to collect, instead the fee just won't apply.
The LBCA see this as just the first step in heavy vehicle registration reform.
"Underpinning this reform is the need to make the administrative processes that accompany it more streamlined and user friendly, ultimately ensuring the process is a positive, rather than a negative customer experience," Higginson wrote.
"In addition, we've also put forward a map to government of the next steps to improving the registration system, which importantly includes extending the stamp duty exemption to apply to existing trailers followed by a number of other important initiatives.
"Applying the stamp duty exemption to existing trailers does not appear to create any revenue downsides for the state. Instead it would lead to a positive increase in state revenue for the entire life of the vehicle, ultimately ensuring money is being invested back into the road infrastructure our members use."
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