Agreement for sale
- The items listed below are not links. They indicate where you are in this process.
Start
Prior use of land
Purchaser
Continuation of business use
Ancestor
Exemption
Not eligible
As part of its Mini Budget Announcement on 11 November 2008 the NSW Government announced that the abolition of duty on the transfer of business assets (other than land), statutory licences or permissions is 1 July 2012.
An agreement for the sale or transfer of land may be exempt from duty where the land, or an interest in the land, is currently being used for primary production.
To receive an exemption:
the purchaser must be a natural person, and
the vendor or, where the vendor is a company or a trustee of a trust, the person directing the vendor, must be an ancestor of the purchaser, and
the land immediately prior to the agreement must have been used for primary production in connection with a business carried on by the purchaser or their ancestor (either alone or with others), and
the business of primary production must continue to be carried on by the purchaser (either alone or with others) after the agreement is completed.
Fractional interests, shares and other property types
An agreement for the sale or transfer of a fractional interest in the land may be eligible for an exemption if it meets the above criteria.
As part of its Mini Budget Announcement on 11 November 2008 the NSW Government announced that the abolition of duty on a sale of shares in a share management fishery is 1 July 2012.
Other types of property will qualify for the exemption provided the property is an integral part of the business of primary production; for example, a statutory licence issued under the Water Management Act 2000.
More information
To see if you qualify for an exemption answer the following questions.
