Exemption or concession for young farmers

Circumstances/Transactions:

Exemption or concession for young farmers purchasing farmland up to $750,000.

For contracts entered into on or after 1 July 2011, a one-off duty exemption/concession is available for young farmers aged below 35 who are buying their first farmland with a value up to $750,000. The date of the transfer determines the exemption available.

Transfers made before 1 July 2018:

• A full exemption from duty is available on farmland valued at no more than $300,000.
• A partial exemption from duty is available on farmland valued at no more than $600,000. This is calculated by subtracting the duty payable on $300,000 from the duty payable on the value of the farmland (of $600,000 or less).
• A concession from duty is available for farmland valued between $600,000 and $750,000.

Transfers made on or after 1 July 2018:

• A full exemption from duty is available on farmland valued at no more than $600,000.
• A concession from duty is available for farmland valued from $600,001 and $750,000.

Evidence:

1. See our young farmer exemption guidelines.
2. Digital Duties Form.