Intergenerational stamp duty exemption
Section 274 of the Duties Act NSW provides a stamp duty exemption on the transfer of NSW family farms to other family members if certain conditions are met including the continuation of the farming business after the transfer.
JMA Legal has been involved in obtaining the exemption for countless simple and complex situations.
When farms are often worth millions of dollars, the stamp duty saving is substantial and an integral part of well-planned family succession of a farming businesses. Care needs to be taken to avoid Division 7A issues if the land is owned by a company.Click here to enquire about intergenerational stamp duty exemption