(03) 9720 2922

Jansen Walsh and Grace


 


What we do
Jansen Walsh & Grace continue to assist farming families in the Yarra Ranges, the Dandenong Ranges and in the farming area around Lysterfield.


Buying a farm
If you are a young farmer buying your first farmland property in Victoria, you will be entitled to a duty exemption or concession if you satisfy certain eligibility criteria.

The date of transfer (settlement), not the date of contract, is important as it determines which exemption or concession applies.

Transfers before 1 July 2018 (single parcel):
  • a full exemption from duty is available on farmland valued at no more than $300,000;
  • a partial exemption from duty is available on farmland valued at no more than $600,000. This is calculated by subtracting the duty payable on $300,000 from the duty payable on the value of the farmland (of $600,0000 or less); or
  • a concession from duty is available for farmland valued from  $600,001 and $750,000.
Transfers on or after 1 July 2018 (single parcel):
  • a full exemption from duty  is available on farmland valued at no more than $600,000; or
  • a concession from duty  is available for farmland valued from $600,001 and $750,000.
If your contract is dated before 1 July 2018, but you settle on or after that date, the exemption/concession for transfers on or after 1 July 2018 is the one relevant to your purchase.

The transfer of farmland with multiple parcels is treated differently to the transfer of a single parcel of farmland.

The young farmer exemption is separate and distinct from the family farm exemption available on the transfer of a family farm.

Water rights
We assist you to transfer bundled water rights when you are buying a farm or selling your farm.

Transferring your family farm within the family group
Children receiving non-primary production land from their parents must pay land transfer duty on the market value of the land.  However, there is a land transfer duty exemption where you are transferring the family farm within the family or to related entities.

Family farm trust
We recommend the use of our farm family trust, which makes it easier to transfer your farm between generations.  If you are conducting a farming enterprise on the land, it may or may not be appropriate to put it in a family farm trust.  However, it is usually more appropriate to have a unit trust or a hybrid trust where the farming enterprise is conducted on farming land owned by different families.