A one-off duty exemption and concession is available for young farmers aged under 35 who are buying their first farmland property valued at $750,000 or less.
The extent of the exemption depends on the date of transfer (not contract):
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).
- 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.
- A concession from duty is available for farmland valued from $600,001 and $750,000.
You must choose between this exemption and concession and the principal place of residence (PPR) concession, depending on whichever you calculate is worth more. If you don’t choose, you will automatically receive the PPR concession.
You and your partner/spouse are eligible for this concession/exemption even if either of you owns or has owned non-farmland. However, if you or your partner/spouse has been a shareholder of a company or beneficiary of a trust that owns or previously owned farmland, you are ineligible for this concession and exemption.
Gather required information
If you are an eligible young farmer, you need to provide specific information including:
- your personal and business details
- contract details and that of the transferee and transferor
- description of primary production and water entitlements
- disqualifying interests of you or your partner/spouse.
You must also provide these supporting documents:
- copy of the contract of sale
- for transfers between related parties, evidence of the value of the dutiable property via:
- a letter of appraisal from a licensed real estate agent and a copy of the rate notice, or
- a valuation from a certified practising valuer, who is a member of the Australian Property Institute, or by a member of the Real Estate Institute of Victoria, who has sworn valuer accreditation
- copy of duly stamped trust deeds together with any subsequent amendments if the transaction involves a trust.
Complete your digital duties form
The Digital Duties Form can be completed online. If you are registered to use Duties Online, you can create a form under the 'Create' tab in the system.
If you are an individual, you must register and lodge via our public lodgement system. Registration is a simple process, and you can electronically lodge scanned documents after you register with us.
We will contact you if we need more information.
If you receive the exemption or concession and your circumstances change so that you no longer meet the primary production, First Home Owner Grant or PPR criteria, you must notify us in writing within 30 days of the change(s).