87Exemption from duty on conveyance of family farming

87 Exemption from duty on conveyance of family farming property to family members, family companies or family trusts (1) A conveyance of farming property is exempt from stamp duty if the Commissioner is satisfied, on an application for exemption, that: (a) the main purpose of the conveyance is to pass, or facilitate the passing, of a farming property, or the benefit of a farming property, from one generation of a family to a later generation or between members of the same generation; and (b) the conveyance is eligible for exemption from stamp duty under this section. (2) A conveyance of farming property is eligible for exemption from stamp duty if the conveyor is a natural person who does not hold the property as trustee and the property is conveyed to one or more of the following: (a) a member of the conveyor's family who will not hold the property as trustee; (b) a company that will not hold the property as trustee if: (i) all the shareholders are members of the conveyor's family; and (ii) no shareholder holds or will hold any shares in the company as trustee; (c) a person who will hold the property as trustee if: (i) all the beneficiaries of the trust are members of the conveyor's family; and altered, specifying that only members of the conveyor's family may be beneficiaries of the trust and no

Stamp Duty Act 1978 76 (3) A conveyance of farming property is eligible for exemption from stamp duty if the conveyor is a family company that does not hold the property as trustee (the conveyor company) and the property is conveyed to one or more of the following: (a) a member of the same family as the shareholders of the conveyor company who will not hold the property as trustee; (b) a family company that will not hold the property as trustee (the conveyee company) if: (i) the shareholders of the conveyor company and the conveyee company are all members of the same family; and (ii) no shareholder of the conveyee company holds or will hold any shares in that company as trustee; (c) a person who will hold the property as trustee if: (i) the beneficiaries of the trust and the shareholders of the conveyor company are all members of the same family; and altered, specifying that only members of the relevant family may be beneficiaries of the trust and no (4) A conveyance of farming property is eligible for exemption from stamp duty if the conveyor is the trustee of a family trust (the conveyor trust) and the property is conveyed to one or more of the (a) a member of the family for which the conveyor trust is established who will not hold the property as trustee; (b) a family company that will not hold the property as trustee if: (i) the shareholders of the company and the beneficiaries of the conveyor trust are all members of the same family; and (ii) no shareholder holds or will hold any shares in the company as trustee;

Stamp Duty Act 1978 77 (c) a person who will hold the property as trustee of a family trust (the conveyee trust) if: (i) the beneficiaries of the conveyor trust and the conveyee trust are all members of the same family; and altered, specifying that only members of the relevant family may be beneficiaries of the conveyee trust and no (5) However, a conveyance is not eligible for exemption from stamp duty under this section: (a) if the Commissioner is satisfied the conveyance arises from a scheme with the principal purpose of taking advantage of the benefit of the exemption from stamp duty; or (b) if a conveyee does not intend to use the farming property solely or principally for farming purposes; or (c) if the conveyance also conveys property that is not farming (d) if any prescribed condition is not complied with; or (e) if the conveyance occurs within 5 years after the date of an earlier conveyance of the same, or part of the same, farming property for which an exemption was allowed under this section (or a corresponding previous enactment).