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Sections: s69AD

Lodgement category: ELM

Circumstances/Transactions:

Exemption or concession for young farmers purchasing farmland up to $750,000.

For contracts entered into on or after 1 July 2011, a one-off duty exemption/concession is available for young farmers aged below 35 who are buying their first farmland with a value up to $750,000. The date fo the transfer determines the exemption available.

Transfers made before 1 July 2018:

  • A full exemption from duty is available on farmland valued at no more than $300,000,
  • A partial exemption from duty is available on farmland valued at no more than $600,000. This is calculated by subtracting the duty payable on $300,000 from the duty payable on the value of the farmland (of $600,0000 or less), or
  • A concession from duty is available for farmland valued between $600,000 and $750,000.

Transfers made on or after 1 July 2018:

  • A full exemption from duty is available on farmland valued at no more than $600,000, or
  • A concession from duty is available for farmland valued from $600,001 and $750,000.

Evidence:

  1. See SRO website for Young Farmer Exemption guidelines.
  2. Digital duties form is required for all contracts or agreements entered into on or after 1 July 2017.