By Stuart O’Neil, Special Counsel
The Queensland Government has offered further assistance to Queensland farming families who wish to implement succession planning arrangements by allowing the family primary production transfer duty concession to apply to transfers to first cousins.
Under the Queensland Duties Act, the concession is only available for transfers to defined family members like parents, siblings, children and grandchildren, uncles and aunts, and their spouses.
However, the Government will now extend the concession by allowing transfers to first cousins and their spouses to be free from duty. To qualify, first cousins must be related by blood or adoption.
Importantly, the extension is only available for 12 months from 23 May 2017 to 22 May 2018 inclusive. This means families who wish to take advantage of the extension need to act now to be able to successfully complete a transfer within that timeframe.
The extension of the concession to first cousins follows previous government announcements to help farming families with their succession planning arrangements, including:–
- The extension in June 2016 of the concession to transactions where the business is sold to eligible family members (whereas previously it only applied to gifts).
- The announcement in March 2017 of Farm Management Grants to help cover the cost of obtaining succession planning advice from duly qualified professionals up to 30 June 2019.
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