Exemptions and concessions
Landholder duty
From 1 July 2009, landholder duty replaces the land rich provisions.
Exempt acquisitions
Exempt acquisitions are counted to determine whether a person has acquired a significant interest but no duty is chargeable on an exempt acquisition.
A list of exempt transactions is contained in section 163ZB of the Duties Act 1997.
Common exemptions include transfers pursuant to wills and matters involving marriage or de facto relationship breakdowns.
An exemption for ‘top hatting arrangements’, effective from 1 July 2008, is contained in section 163ZEA of the Duties Act 1997.
Primary producers
If a relevant acquisition is made in a landholder that is a primary producer and the landholder's land holdings in all places, whether within or outside Australia, comprise less than 80 per cent of the unencumbered value of all its property, no land rich duty is chargeable in respect of the acquisition.
However, if the landholder ceases to be a primary producer at any time within five years after the relevant acquisition, duty will be payable.
Primary producer means a landholder whose land holdings in all places, whether within or outside Australia, wholly or predominantly comprise land used for primary production.
Concessions
A duty concession for acquisitions securing financial accommodation is contained in section 163ZC of the Duties Act 1997.
A concession for buy-back arrangements is contained in section 163ZE of the Duties Act 1997.
