The transfer of farming property is exempt from transfer duty if the property is transferred between family members and the land is used solely or dominantly in primary production.
If a family-owned company owns the family farm, the transfer of shares between family members may be exempt from landholder duty.
Please provide the following:
- The transaction record (for example, an agreement to transfer such as a contract for sale or transfer of land document).
- A completed Form FDA6 ‘Application for an Exempt Family Farm Transaction’.
- A completed Form FDA41 ‘Foreign Transfer Duty Declaration’ for each purchaser/transferee.
- Complete latest income tax returns of the individual(s) currently farming the property or complete financial statements of any entity currently farming the property.
- Copies of the trust deed and all amending deeds:
- for the transferor and the trust through which the transferor farmed the property and
- for the transferee and the trust through which the transferee will farm the property.
- Copies of the partnership agreement and any variations to the agreement:
- for the transferor and the partnership through which the transferor farmed the property and
- for the transferee and the partnership through which the transferee will farm the property.
- If the property is under lease, a copy of the lease agreement and any variations to the agreement.
- If the transferor(s) was not farming the property immediately before the transaction, provide:
- evidence showing the transferor(s) previously farmed the property (e.g. tax returns, financial statements, etc)
- reasons why the transferor(s) ceased farming the property and
- the dates when the transferor(s) ceased farming the property and the family member or related entity started farming the property.
