Increased flexibility in succession planning for NSW farming families.

The stamp duty exemption for farms in NSW has recently been broadened and will greatly increase the succession planning options available to families in the rural sector.

The past exemption for transferring farming properties between generations requires the transferee to be an individual. The person receiving the farm must be a real person (and not in their capacity as trustee of a trust).

In the new bill, this exemption is to be broadened. It now applies when the transferee is not an individual but a deceased estate, a trust, a superannuation fund, a private unit trust scheme or a proprietary limited company. 

The bill was introduced into parliament on 23 March 2022 and was passed by both Houses of NSW Parliament and is awaiting Assent. More details here:

https://www.revenue.nsw.gov.au/help-centre/resources-library/amendments/2022-amendments?utm_source=psc&utm_medium=oss&utm_campaign=202205_legislation

The change to the law will open up a wide range of possibilities for farming families to place farms into the control of the next generation without compromising on asset protection and flexibility. 

If you would like to discuss the impact this change may have on your circumstances, please feel free to contact our taxation and estate planning lawyers at RML Solutions at admin@rmls.net.au

**The material and contents provided in this publication are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.

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