Water assets included in stamp duty exemptions for family successions

The Queensland Farmers’ Federation (QFF) welcomed the state government’s move to include water assets in the stamp duty exemptions measure that was announced as part of the 2016-17 Budget.

Since June 2016, QFF has been working constructively with the government to expand the duties concession to include water assets. The Treasurer has now approved an administrative arrangement that will enable the Duties Act 2001 to apply the concession to all types of dutiable property used to carry on family farm businesses.

QFF CEO Travis Tobin said this package of stamp duty changes demonstrates that it is possible to get positive and important reforms with modest levels of government investment when applied in the right areas.

“Water assets are an integral and valuable part of irrigation businesses. The value of these assets sometimes exceed the value of the land, so having them included in the succession stamp duty exemptions is important and commonsense.”

“One of the reasons for the transfer concession was to bring Queensland into line with other states; the inclusion of water entitlements and other assets delivers this consistency for farmers.”

“QFF acknowledge and thank the state government for its considered policy positions towards family farm succession challenges and for engaging with industry to rectify this oversight.”

“Stamp duty will no longer be a financial barrier for the next generation of farmers and irrigators entering our growing sector.”

The Office of State Revenue will shortly publish a Public Ruling setting out the terms of the administrative arrangement which applies to interfamilial transfers of family farm businesses entered into on or after 12 October 2016. The government will move amendments to give retrospective legislative effect to the administrative arrangement in the near future.