A key part of the introduction of GST was the agreement by the state governments to remove state-based duties by 2010.
The new Intergovernmental Agreement on Federal Financial Relations contained an agreement by the states to abolish, before 1 July 2013, the following taxes which have not yet been abolished:
(a) Wholesale Sales Tax
Sales tax levied on the value of the last wholesale sale of goods sold or otherwise dealt with as imposed by the Commonwealth’s Sales Tax (Imposition) Acts.
(b) Bed Taxes
Accommodation taxes levied on the cost of temporary residential accommodation.
(c) Financial Institutions Duty
Financial Institutions Duty levied on the value of receipts (credits) at financial institutions and on the average daily liabilities and/or investments of short term money market dealers.
(d) Stamp Duty on Marketable Securities
Stamp duty levied on turnover (i.e. sale price times quantity traded) on the transfer of marketable securities quoted on the Australian Stock Exchange or another recognised stock exchange.
(e) Stamp Duty on Non-quotable Marketable Securities
Stamp duty levied on transfers of marketable securities in private companies and trusts, and in public companies and trusts where the securities are not quoted on the Australian Stock Exchange or another recognised stock exchange.
(f) Debits Tax
Debits tax levied on the value of withdrawals (debits) from accounts with financial institutions with cheque drawing facilities. Debits duty levied on transactions, including credit card transactions. This does not include stamp duty on electronic debits.
(g) Stamp Duty on Non-real Non-residential Conveyances
Stamp duty levied on the value of non-real non-residential conveyances.
(h) Stamp Duty on Leases
Stamp duty levied on the rental payable under tenancy agreements.
(i) Stamp Duty on Mortgages, Bonds, Debentures and Other Loan Securities
Stamp duty levied on the value of a secured loan property.
(j) Stamp Duty on Credit Arrangements, Instalment Purchase Arrangements and Rental Arrangements
Stamp duty levied on the value of the loan under credit arrangements. Stamp duty levied on credit business in respect of loans made, discount transactions and credit arrangements. Stamp duty levied on the price of goods purchased under instalment purchase arrangements. Stamp duty levied on the rent paid in respect of the hire of goods, including consumer and producer goods.
(k) Stamp Duty on Cheques, Bills of Exchange and Promissory Notes
Stamp duty levied on cheques, bills of exchange, promissory notes, or other types of payment orders, promises to pay or acknowledgment of debts, including duty on electronic debits.
Queensland has acted on the change by announcing that duty on the transfer of core business assets will now not be abolished until 1 July 2013.