Exemption or concession for young farmers
69AD Exemption or concession for young farmers
A transferee who is a young farmer or a young farmer business entity is entitled to an exemption or concession from duty under this Chapter in respect of one or more transfers of dutiable property, if—
the dutiable property the subject of each transfer is an estate in fee simple in farmland; and
at the time that the contract or contracts for the transfer or transfers of the dutiable property is or are entered into—
if the transferee is a young farmer—the young farmer is under the age of 35; or
if the transferee is a young farmer business entity—the young farmer in respect of that entity is under the age of 35; and
the transferee is—
a young farmer—
who does not have a disqualifying interest; and
whose partner does not have a disqualifying interest; or
a young farmer business entity—
that does not have a disqualifying interest; and
where the young farmer or the young farmer's partner in respect of that young farmer business entity does not have a disqualifying interest; and
the dutiable value of the dutiable property—
S. 69AD
(d)(i) amended by No. 41/2013 s. 19.
in the case of one transfer of dutiable property—does not exceed $750 000; or
S. 69AD
(d)(ii) amended by No. 22/2018 s. 14.
in the case of two or more transfers of dutiable property—for one of those transfers, does not exceed $600 000; and
the transferee is a young farmer or young farmer business entity who meets the primary production requirement in relation to the dutiable property.
An exemption or concession from duty under subsection (1) will apply in respect of two or more transfers of dutiable property only if those transfers arise from—
a single contract of sale; or
two or more contracts of sale entered into at the same time.
S. 69AE inserted by No. 28/2011 s. 19, substituted by No. 41/2013 s. 20.
69AE Calculation of exemption or concession on transfer of single parcel of land or partial interest in single parcel of land
This section applies for the purposes of section 69AD in the case of one transfer of dutiable property.
S. 69AE(2) amended by No. 22/2018 s. 15(1).
If the dutiable value of the dutiable property does not exceed $600 000, the young farmer or young farmer business entity (as the case requires) is entitled to an exemption from duty in respect of the dutiable value of the dutiable transaction.
Examples to s. 69AE(2) substituted as Example by No. 22/2018 s. 15(2).
Example
A young farmer enters into a dutiable transaction with a dutiable value of $275 000. No duty is payable as the young farmer is entitled to an exemption in respect of the whole dutiable value (as it is less than $600 000).
S. 69AE(3) substituted by No. 22/2018 s. 15(3).
If the dutiable value of the dutiable property exceeds $600 000 but does not exceed $750 000, the young farmer or young farmer business entity (as the case requires) is entitled to pay a concessional amount of duty that is calculated in accordance with the following formula—
where—
A is the dutiable value of the property;
B is the amount of duty paid or payable (but for this section) on the transfer of the dutiable property.
S. 69AF inserted by No. 28/2011 s. 19.
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