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Family farms: NSW decides when duty calls

Family farms: NSW decides when duty calls

An intergenerational exemption from NSW duty on the sale, transfer, lease or lease assignment of primary production land is found in s274 of the Duties Act 1997 (NSW).

by Shared from Accountants Daily | Sep 11, 2022

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This exemption has existed since the mid-1990s, although many lawyers and farmers alike are unaware of it.

Parliament’s intention was to encourage the children of farming families to stay on the farm and allow their parents to retire without the burden of government taxes.