Stamp duty exemption to apply to farmins

Last week's State Budget heralded an unexpected concession for the mining industry, with the announcement that a new stamp duty exemption will apply to mining tenement farmins.

This development addresses some of the concerns raised by the industry earlier this year after the Government indicated that all transfers of resource authorities would be liable for duty.

Here, special counsel Justin Byrne discusses the announcement and explains how the concession might work.

Key facts

• The 2012 Queensland State Budget included a new concession for the State's miners, with farmins to be exempt from stamp duty.
• No further details were provided, with the Government stating that "the scope and technical design of the concession will be a matter for consultation between the Office of State Revenue and industry".