Broadened transfer duty exemption on rural land
The Queensland Government’s Rural Assistance Package within the 2016 State Budget has broadened the exemption for the transfer of land and other assets used in carrying on a business of primary production.
From 1 July 2016, the new amendment under the Duties and Other Legislation Amendment Bill 2016 removes the requirement that the transfer be only by way of gift.
This provides a significant opportunity for primary production businesses to take full advantage of this exemption as a part of their succession planning or business restructuring.
This means that a transfer is exempt from payable duty, if that transfer:
- is to a defined relative or family member;
- is of land or another asset;
- the land or asset is used in carrying on a business of primary production; and
- is intended to be carried on as a business of primary production by the relative or family member.
It is important to note that this exemption is only applicable in the instance where the transferred land and assets are used in the carrying on of a primary production business and will continue to be used for this purpose.
Additionally, to be eligible for this exemption, the recipient must be a defined relative or family member. Caution ought to be exercised to ensure that the recipient falls within this class of relatives.
This exemption is welcomed as a key part of the Rural Assistance Package, which is designed to assist farmers and primary production businesses across Queensland.
Contact us if you have any questions regarding the transfer of rural property.
In January last year, in the Queensland Industrial Relations Commission, Deputy President Swan dismissed a complaint made by a worker that claimed she had been sexually discriminated against by her employer due to an unfortunate event of domestic violence.... read on
An underpaying sushi business is the first to be charged by the Fair Work Ombudsman (FWO) utilising under a new reverse onus of proof law that puts the pressure back on employers to refute fishy conduct in court.... read on
From 1 March 2019 export air cargo, regardless of destination, will need to be examined at piece-level or originate from a Known Consignor. These measures are designed around improving aviation security.... read on