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Relevant evidentiary requirements must be provided when lodgements are made for assessment of duty.
Section 274
Transfer of certain business property between family members
Relevant dates for transferee types
For transactions entered into on or before 18 May 2022 the exemption from duty for primary production land transfers between family members applies only where the transferee/s are individual/s.
For transactions entered into on or after 19 May 2022 the duty exemption is extended to allow the transferee to be: a trustee/executor of a deceased estate, a trustee of a bare trust or a private unit trust scheme or a discretionary/family trust, or a trustee of a self managed superannuation fund, or a proprietary limited company.
Evidentiary requirements:
Cover letter outlining the details of the transaction.
Evidence the land being transferred was used by the transferee or a member of their family to operate a primary production business immediately before the transfer of land. This may consist of the Annual Land and Stock Return lodged with your Local Land Service, financial records, evidence of sales or expenditure, returns or evidence lodged with relevant authorities.
Completed Purchaser/Transferee Declaration form for each purchaser/transferee.
Sealed probate containing the Will and list of inventory
Any executed codicils or family provision orders made to the Will [if applicable]
Trustee of a private unit trust scheme
Endorsed trust deed
Certified copy of the unit register
All deeds of variation/ amendment (if any)
Trustee of a family/discretionary trust
Endorsed trust deed
All deeds of variation/amendment (if any)
Trustee of a bare trust
Executed Bare Trust Deed (if any) or a detailed explanation of the trust arrangements
All deeds of variation/amendment (if any)
Where the exemption is granted to the trustee of a bare trust, the trust deed should be marked as exempt under section 65(1)(f) of the Duties Act 1997.
Trustee of a self-managed superannuation fund (SMSF)
Self-managed superannuation fund trust deed
Register of members of the SMSF as at the date of the transaction
Surcharge purchaser duty is not payable if the transaction is exempt from ad valorem transfer duty under section 274 of the Duties Act 1997. However, if any parcels of land being transferred are predominantly used for residential purposes the exemption under section 274 may not apply to that parcel of land and surcharge purchaser duty may be payable if foreign persons are acquiring the residential related property.
