Monday, 1 August 2016
In the June State Budget, the Queensland Government announced a new stamp duty exemption for the transfer of farming businesses from one generation to another.
From 1 July 2016, farmers who are ready to call it a day and retire are able to transfer the family farm to the next generation without paying any stamp duty.
While there has been exemption in place for a number of years for the gifting of farming land, this exemption now extends to situations where the children have paid consideration to their parents.
It is recommended that you speak to your advisors and accountant before making any decisions regarding succession planning.