State Revenue Office Young Farmers Exemption

To claim this relief you must be a farmer who is an individual who spends 50 or more of your normal working time farming.

State revenue office young farmers exemption. Young farmers exemption concession claim form. This form must be lodged electronically with the sro. The relief is an eu state aid. This places restrictions on the amount of relief that may be claimed.

From 1 july 2018 a full duty exemption will apply on purchases up to 600 000 with a duty concession applying for property purchased between 600 001 and 750 000. This young farmer exemption is separate and distinct from the family farm exemption available on the transfer of a family farm. A young farmer may have previously owned residential property but cannot have previously owned farmland in order to receive the exemption. As a result a block exemption.

A concession from duty is available view organisation. The current rate of stamp duty for non residential property is 2. Exemptions and concessions on duty for farmland valued up to 750 000 are available for young farmers in victoria. Paper based submissions will be returned.

Where the exemption applies no stamp duty is payable which can save young trained farmers significant sums of money. Exemption or concession for young farmers purchasing farmland up to 750 000. These restrictions apply to instruments executed on or after 1 january 2019. For information relating to young farmer duty exemption or concession refer to this page.

Duties form 56 should only be used if you are applying for a duty refund in relation to the young farmers duty exemption concession on the purchase of a first parcel s of farmland. An updated guidance document on stamp duty relief for young trained farmers has been released by revenue. It gives further detail on the specifics relating to stamp duty relief on the transfer of land to young trained farmers. The updated document was released last thursday may 2.

A full exemption from duty is available on farmland valued at 600 000 or less. Relevant state aid rules are contained in commission regulation eu no 702 2014 in particular chapter iii section 1 article 18 dealing with start up aid for young farmers and the development of small farms 2 this regulation is known as the agricultural block exemption regulation aber. The date of the transfer determines the exemption available. A failure of the young farmer or young farmer business entity to comply with the legislative requirements in relation to the above benefit does not affect the commissioners ability to reassess duty.

Transfers of a single parcel of land transfers on or after 1 july 2018.