RevenueSA has issued Revenue Ruling SDA007 (Section 71CC ex gratia scheme for transferor/transferee trusts). Section 71CC of the Stamp Duties Act 1923 (SA) provides an exemption from stamp duty on the transfer of primary production land and associated farming goods between certain relatives (family members) and/or their trustees. RevenueSA said it has received advice that the exemption cannot be applied to transfers involving trusts, which have more than one beneficiary. RevenueSA said the advice is a “significant departure” from its long-standing assessment practices. RevenueSA said the SA Treasurer has approved an ex gratia scheme to provide stamp duty relief “so that RevenueSA’s existing assessing practices in relation to s 71CC can be maintained, pending consideration of appropriate legislative amendment”.
[LTN 244, 17/12/13]