News

21 July 2016

Transfer of farming property – changes to duty exemptions now in effect

Agribusiness header

The State Government’s 2016-17 budget changes to duty have now come into effect.  The Duties and Other Legislation Amendment Act 2016 received royal assent on 27 June 2016, with most of the changes coming into effect on 1 July 2016.

One of the more anticipated changes is to the duty exemption on inter-generational transfers of primary production properties.

Prior to the changes, a transfer of a farm (or primary production property) to a relative was duty exempt only if the transfer was by way of gift.  This has been problematic for primary production families who want to transfer farming property to their children that is still encumbered by mortgages or want to sell the property to their children (or other relatives).

Queensland is now catching up with changes that other states have made and from 1 July 2016 inter-generational transfers of primary production properties will be duty exempt, without the need to be by way of gift.  We look forward to the impact these changes will have on our retiring regional farmers in particular.

Please contact us if you would like any further information about transferring primary production properties.

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