More widely applicable transfer duty concessions and new
succession planning grants mean there's never been a better
time for primary producers to consider the succession of their
family businesses.
Extension of duty relief
Transfer duty, which is a calculated on a sliding scale up to
5.75% of unencumbered value, is a significant impost on transfers
of land and other business assets in Queensland.
In a succession planning context, an important concession has
been available on the transfer of property used to carry on family
businesses of primary production. The applicability of this
concession has been expanded dramatically in recent years.
Since 1 July 2014, the recipient of a property has not needed to
be a direct lineal descendant of the transferor and instead can be
a spouse, child, grandchild, parent, grandparent, sibling, aunt,
uncle, niece or nephew.
