Intergenerational Transfers of Property
The NSW State Government amended stamp duty legislation in 1999 to provide that in certain circumstance intergenerational transfers are exempt from stamp duty. This stamp duty exemption will allow farmers to transfer all or part of their rural land to the next generation free of stamp duty. This stamp duty exemption falls under section 274 of the Duties Act and will only apply to land used for primary production.
Should you have any questions or queries concerning intergenerational transfer, please contact our office.