Family business concession—primary production (s.105) interactive help

No concession

Based on the information that you have provided, a family business concession will not apply.

A concession is available for the transfer of property being used for other types of family business. Read the toolkit for the family business concession for prescribed businesses to find out more.

Next steps

Duty must be assessed on the higher of the consideration or the unencumbered value of the dutiable property. The transfer duty rates will apply.

For audit purposes, you must keep:

• a copy of the stamped transaction
• your completed dutiable transaction statement (Form D2.2)
• an identity details annexure (if applicable)
• evidence of value.

You must keep all records for 5 years in accordance with section 118 of the Taxation Administration Act 2001.

Your file reference:

Client name:

Transaction number:

Name:

Date:

No concession

Based on the information that you have provided, a family business concession will not apply.

The concession is only available where the transferor (or person directing the transaction) is a defined relative of the transferee.

Next steps

Duty must be assessed on the higher of the consideration or the unencumbered value of the dutiable property. The transfer duty rates will apply.

For audit purposes, you must keep:

• a copy of the stamped transaction
• your completed dutiable transaction statement (Form D2.2)
• an identity details annexure (if applicable)
• evidence of value.

You must keep all records for 5 years in accordance with section 118 of the Taxation Administration Act 2001.

Your file reference:

Client name:

Transaction number:

Name:

Date:

No concession

Based on the information that you have provided, a family business concession will not apply.

Next steps

Duty must be assessed on the higher of the consideration or the unencumbered value of the dutiable property. The transfer duty rates will apply.

For audit purposes, you must keep:

• a copy of the stamped transaction
• your completed dutiable transaction statement (Form D2.2)
• an identity details annexure (if applicable)
• evidence of value.

You must keep all records for 5 years in accordance with section 118 of the Taxation Administration Act 2001.

Your file reference:

Client name:

Transaction number:

Name:

Date:

No concession

Based on the information that you have provided, a family business concession will not apply.

The concession is only available where the business was carried on by a defined relative before the transfer and will be carried on by the transferee after the transfer.

Next steps

Duty must be assessed on the higher of the consideration or the unencumbered value of the dutiable property. The transfer duty rates will apply.

For audit purposes, you must keep:

• a copy of the stamped transaction
• your completed dutiable transaction statement (Form D2.2)
• an identity details annexure (if applicable)
• evidence of value.

You must keep all records for 5 years in accordance with section 118 of the Taxation Administration Act 2001.

Your file reference:

Client name:

Transaction number:

Name:

Date:

Family business concession

Based on the information that you have provided, a family business concession will apply.

If the transaction is dated before 12 October 2016, any water allocations being transferred with the business property must be assessed separately for duty, based on the current value.

Next step

For audit purposes, you must keep:

• your completed claim for the family business concession (Form D2.5)
• an identity details annexure (if applicable)
• copies of the agreement and transfer.

You must keep all records for 5 years in accordance with section 118 of the Taxation Administration Act 2001.

Your file reference:

Client name:

Transaction number:

Name:

Date: