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Family Business Duty Concession For Primary Production Business

(Updated 12 June 2014)

The Family Business Duty Concessions provided for in the Duties Act 2001 (Qld) (the “Act”) have been updated and expanded.

Previously, concessions applied where gifts of farmland and/or business assets, used to carry on a primary production business, were made to Transferees who are lineal descendants of the Transferor (e.g. parents to children).

The Act has been amended to expand the application of the concession so that the concession will now apply to a gift of dutiable property from a Transferor where the Transferor is a “defined relative”.

A “defined relative” is a Transferor who is:

  1. A parent of the Transferee or the person’s spouse;
  2. A grandparent of the Transferee or the person’s spouse;
  3. A Transferee’s spouse;  
  4. A sibling/s of a Transferee or the person/s spouse;
  5. Aunts and uncles of a Transferee or their spouse;
  6. Nieces and nephews of a Transferee or their spouse. 

Therefore, where the Transferor of the relevant dutiable property is a “defined relative” of the Transferee, the concessions may now apply.

It is important to remember that for a concession to apply, the existing criteria must still be satisfied, including:

  1. The transaction (the transfer of the dutiable property) must be undertaken by way of gift; and
  2. The family business must be carried on by certain people (as provided for in the Act, the defined relative). 

The amendments to the Act as detailed above should be considered carefully as these amendments may provide further options for family business succession planning.

If you would like to discuss the above further, please do not hesitate to contact the team at SPM.

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