Initiative aims to cut costs and support next generation of NSW farmers
Family-owned farming businesses may benefit from a new stamp duty exemption.
Under new laws just passed in Parliament, stamp duty exemptions will be given on the transfer of primary production land to a company or other entity directed by a family member, encouraging successors to continue the business.
Under existing legislation, only a member of the family is exempt from duty tax when buying the land. The State Revenue and Fines Legislation Amendment (Miscellaneous) Bill 2022 extends this exemption to family farms that are structured using a trust or company in addition to those owned by individuals.
The transferee would need to maintain control of the entity for a period of at least three years after purchase to ensure the integrity of the exemption.