As part of the 2018-2019 State Budget, it was announced that The Stamp Duties Act 1923 will be amended to expand the current stamp duty exemption for family farm transfers to include those involving companies owned by family members.
Prior to this amendment, the family farm exemption only covered transfers as between related individuals and/or their trustees. This amendment will ensure all genuine transfers of family farms are treated similarly, regardless of whether they are held directly by related individuals or through trust or corporate structures. This exemption is subject to all other criteria regarding family farm transfers being met, including that the land to which the transfer relates is used wholly or mainly for the business of primary production and is not less than 0.8 hectares in area, that the sole or principal business of the transferor is the business of primary production and that a business relationship has existed between the parties for a period of more than 12 months immediately before the relevant transfer.
This amendment came into force on 27 November 2018 when the implementing bill was assented to by the South Australian Parliament.
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