From 1 July 2016, the Queensland Government has extended the
duty exemption for transfers of assets used in a primary production
property. The extension removes the requirement that the transfer
is made as a gift, and provides additional opportunities for the
transfer of primary production business assets within families.
This means that, from 1 July 2016, a transfer is exempt from
if it is a transfer to a family member (including spouses of
family members) of:
land and other assets used in the primary production business
such as livestock or plant and equipment; or
residential land that is next to the primary production
provided the seller is using the asset in carrying on a
business of primary production and it is intended the buyer will
use it in a business of primary production; and
whether or not it is a gift.
The duty exemption is no longer restricted to gifts, so can be
available where the family member pays for some or all of the
assets, or takes over liabilities.
Caution needs to be exercised to ensure that the family members
are within the defined class of relatives under the
This represents a significant opportunity for primary production
businesses to take advantage of the concession as part of a
restructure, estate planning exercise or business succession
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Sect.117 can deal with false statements and knowingly making false allegations of violence could justify a costs order.
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