Changes to the family farm duty concession
18 June 2014
The Queensland State Government has announced changes to widen the availability of the stamp duty concession for intergenerational transfers of primary production land and business assets.
The Duties Act 2001 (Qld) currently provides an exemption from duty for a gift of farm land and business assets used to carry on a primary production business – provided that the transfer is from an ancestor to their lineal descendant. The proposed amendment means the concession will now be available to a wider range of family members including spouses, grandparents, siblings, aunts, uncles, nieces and nephews.
In the video below, Partner Duncan Bedford discusses the proposed amendments and what they mean for succession planning and primary production businesses.
This update covers legal and technical issues in a general way. It is not designed to express opinions on specific cases. This update is intended for information purposes only and should not be regarded as legal advice. Further advice should be obtained before taking action on any issue dealt with in this publication.