Victorian young farmers stamp duty concessions and exemptions revealed

Young farmers applied for stamp duty concessions and exemptions in record numbers new statistics have revealed.

Stamp duty concessions and exemptions granted to young farmers peaked during the 2020-21 property price surge, new figures reveal.

Statistics released by the Victorian Government show 175 transactions by prospective primary producers were given stamp duty relief in 2020-21 — a record high since the initiative was introduced during the 2011-12 financial year.

Like the residential market, agricultural property prices skyrocketed during the 2020-21 period – the first full financial year of the coronavirus era.

Of the 175 transactions in 2020-21, 135 farmers statewide received a stamp duty concession while 40 earned a concession.

The latest reporting period was 2021-22 and the number of grants declined sharply — with 71 exemptions and 26 concessions.

Property prices surged in 2020-21. Picture: Zoe Phillips

A spokesman for Victorian Treasurer Tim Pallas said a one-off duty exemption and concession was available for farmers aged under 35 who are buying their first farmland property valued at $750,000 or less.

“We want farming to be a viable career choice for young people and this initiative provides practical assistance to that end,” the spokesman said.

A full exemption from duty is available on farmland valued at no more than $600,000.

A concession from duty is available for farmland valued from $600,001 and $750,000.

The Young Farmers Exemption was launched in 2011 and amended in 2018.