Many of Queensland’s farms have been in the same family for generations. However, passing on the family farm to the next generation is often a complicated and sometimes expensive process.
Since 2012, AgForce has been lobbying the State Government for stamp duty exemptions for intergenerational transfer of farm businesses where a financial consideration applies.
Stamp duty represents a significant cost for succession and either adds to the financing burden of the new generation or takes away from the retirement income of the exiting generation.
So AgForce was delighted to see the announcement in this financial year’s State Budget that a new family farm transfer duty exemption will apply in Queensland from 1 July 2016, bringing us into line with other states that already have this exemption.
This has been welcome news for producers across Queensland, especially third-generation Monto cattle producer James Galloway.
“My wife and I have just bought into the family business on a QRAA first start loan. This has started the whole succession planning process and now with the stamp duty exemption we will be able to fast track it,” Mr Galloway said.
“This will also mean we will have more money to put back into the business.
Hopefully our twin boys, and perhaps our daughter will want to follow our foot steps into the industryMr James Galloway - Monto
"I think this exemption will help the Queensland agriculture industry grow as it will make it easier for younger people to get into the business of primary production.
"Hopefully our twin boys, and perhaps our daughter will want to follow our foot steps into the industry, as it is my plan to get another generation into the farm after us. This exemption will help them to do that.
“I keep up to date with everything that AgForce sends me and it was great to find out about this as soon as it was announced.”
“I have been an AgForce member for over ten years as it is important to have a voice in the industry.”