Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

Extension of Transfer Duty Concession to Water Assets

February 23, 2017

Succession planning for Queensland farming families has just been made that bit easier by the extension of the transfer duty concession to water assets involved in the operation of a primary production business.

Previously, the duty concession might have been available for the transfer of land from parents to children, but full duty was still payable on the transfer of a water allocation.  This was cold comfort for irrigators where the majority of the value was in the water, not the underlying land.

The same transfer duty exemption and conditions for land will now apply to the transfer of water assets, including water licences and water allocations.  For more information on the exemption conditions, read our previous publication on this topic here.

Where the concession applies, the dutiable value of the water assets included in the transaction will be nil, resulting in a complete exemption on duty.

Given the value water allocations represent as a proportion of the total value of a farming enterprise, this is great news for families considering a transfer of irrigated farms between family members.

When taken with the earlier changes broadening the exemption to transfers between family members other than just parent to child, including where the transferee makes a payment or assumes a debt, the viability of intergenerational transfers has certainly improved.

For more information please contact Norman Fox, Michael Cowley or Melissa Hill.

If you would like to read the announcement by Treasurer Curtis Pitt, please click here.

You might also like:

Suspended Licence But Still Need To Drive? There Is An Answer

Lost your licence but still need to drive? If you’ve done the wrong thing and had your licence suspended then most people would say it […]

December 12, 2016

Are your employees less casual than they used to be?

Determining if an employee is a casual employee (or if they are in fact actually a part-time or fulltime permanent employee) is important to ensure […]

May 23, 2023

The Bank of Mum and Dad – Part 2

In part two of our series on the Bank of Mum and Dad, we discuss how loans from parents to adult children can have a […]

December 3, 2020

Subscribe to news

Stay up to date with the latest news from the Fox and Thomas team by subscribing to our newsletter by clicking the button below.

Subscribe Now

Team Specialists

The team at Fox and Thomas are trusted legal experts with many years of combined experience acting on a wide range of matters for clients including individuals, small business, family owned enterprises and national and international companies.

Learn more

Have Any Questions?

Contact Our Team