Estimates Replies

Conveyance Duty Revenue

In reply to the Hon. S.C. MULLIGHAN (Lee) (24 July 2019). (Estimates Committee B)

The Hon. R.I. LUCAS (Treasurer): I have been advised the following:

Family farm transfers to or from companies, in addition to individuals and trusts, are exempt from stamp duty where all other existing criteria are met. This results in equal treatment of family farm transfers for the purposes of stamp duty, regardless of how a property is held. It also provides greater flexibility for owners of family farms.

The total estimated revenue forgone from the family farm exemption in 2018-19 was around $29.5 million from approximately 430 transactions. It is estimated that company related family farm transfers represented around 25 per cent of these amounts in 2018-19.