Stamp Duty Amendment Act now in operation

24/12/94

Farming families eager to take advantage of Stamp Duty exemptions on the transfer of property between generations can now do so.

Finance Minister Max Evans said today the Stamp Duty Amendment Act had received Royal Assent and was now in operation.

"This means that the changes to the Stamp Act, announced by the Government to provide exemptions for certain transfers of farming property to family members are now operative," Mr Evans said.

"This legislation removes a major barrier for families wishing to see the younger generation own and operate the family farm.

"Furthermore, these changes should also both increase the productivity of the Western Australian farming sector and reduce the average age of persons who own and operate the farm.

"However, exemptions will not be made available for transfers of farming properties into discretionary trusts."

Mr Evans said the exemption would be available only to those transfers executed on or after December 1994, and would require application forms for exemptions to be made at the time of lodgement of the instrument with the State Taxation Department, or within 12 months of the day on which the instrument was stamped.

Details of the exemption arrangements have already been circularised to accounting and legal practitioners on the department's mailing list.

Other parties wishing to obtain legal details of the exemption application forms should either write to the State Taxation Department or contact the Stamp Duties Inquiries section on (09) 321800, or (09) 323 1802  for country callers.

Media contact: Paul Plowman (09) 222 9595