Stamp Duty Eased for Young Farmers

The Victorian State Government will double the threshold of stamp duty concessions for young farmers following a review of the program.

From next year, any young farmer or grower under 35 years of age, buying land or a farm for the first time, is eligible for exemption from stamp duty on the first $600,000.

The threshold for full farm-based exemptions will increase with marginal concessions up to $750,000 and will be capped at $13,070 for each individual.

The exemption is not available to young farmers who are beneficiaries of a trust.

Treasurer Kim Wells said the stamp duty concessions were designed to remove potential barriers to young people who wanted to go farming.

However a recent Government review found that “ this may not be enough to entice potential young farmers to take on the significant investment, and accompanying risks, associated with starting a business ”.

Mr Wells said the changes would bring the scheme into line with similar stamp duty concessions for first home buyers and pensioners.

Young farmers will benefit from new Stamp Duty concessions

Agriculture and Food Security Minister Peter Walsh said “ The Coalition Government is actively assisting young people who want to pursue a career in agriculture by lowering these costs to help them gain a foothold in the market. ”

“
In addition to stamp duty concessions for young farmers, we are providing tax relief including land tax exemptions, concessions on motor vehicle registration and an exemption on land transfer duty for family farms. ”

Sources:     Stamp-duty relief for farmers set to double – Simon Johanson – THE AGE, 21Nov12

Media release – Kim Wells, 18Jul12

For more information contact :