Young Farmer Duty Exemption or Concession

This program aims to provide a duty exemption or concession for a young farmer buying a first farmland property in Victoria.

Eligible applicants must satisfy these criteria:
- Must be under 35 at the date the contract for the transfer of the farmland property.
- The property must be the first farmland property.
- The value of the property must not exceed $750,000.
- Must be carrying on, or intending to carry on, a business of primary production in relation to the purchased property.
- The partner is the spouse or domestic partner.

A young farmer is a natural person, who is under 35 at the date the contract for the transfer of the dutiable property is entered into and who is carrying on, or intends to carry on, a business of primary production in relation to the purchased property.

Recognising the different structures by which a person may purchase farmland, the exemption or concession also applies to a young farmer business entity which may be a:
- Trustee for a young farmer.
- Company (not acting in the capacity of a trustee under a trust) in which all the shares are owned by a young farmer, or the young farmer and the young farmer’s partner.
- Trustee of a discretionary trust, the capital beneficiaries of which are limited to a young farmer, or the young farmer and the young farmer’s partner.
- Trustee of a fixed trust, the beneficiaries of which are limited to a young farmer, or the young farmer and the young farmer’s partner.

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2019-03-01T01:31:55+00:00