DUTIES ACT 2000 - SECT 69AD Exemption or concession for young farmers

DUTIES ACT 2000 - SECT 69AD

    (1)     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—

        (a)     the dutiable property the subject of each transfer is an estate in fee simple in farmland; and

        (b)     at the time that the contract or contracts for the transfer or transfers of the dutiable property is or are entered into—

              (i)     if the transferee is a young farmer—the young farmer is under the age of 35; or

              (ii)     if the transferee is a young farmer business entity—the young farmer in respect of that entity is under the age of 35; and

        (c)     the transferee is—

              (i)     a young farmer—

    (A)     who does not have a disqualifying interest; and

    (B)     whose partner does not have a disqualifying interest; or

              (ii)     a young farmer business entity—

    (A)     that does not have a disqualifying interest; and

    (B)     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

        (d)     the dutiable value of the dutiable property—

S. 69AD

(1)(d)(i) amended by No. 41/2013 s. 19.

              (i)     in the case of one transfer of dutiable property—does not exceed $750 000; or

S. 69AD

(1)(d)(ii) amended by No. 22/2018 s. 14.

              (ii)     in the case of two or more transfers of dutiable property—for one of those transfers, does not exceed $600 000; and

        (e)     the transferee is a young farmer or young farmer business entity who meets the primary production requirement in relation to the dutiable property.

    (2)     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)     a single contract of sale; or

        (b)     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.