The Victorian Government on Wed 21.11.2012, announced that it will double the threshold of stamp duty concessions for “young farmers” to $600,000, with a phase-out at $750,000, following a review of the concessions. Victorian Treasurer Kim Wells said the changes, to be legislated next year, would bring the scheme into line with stamp duty concessions for first home buyers and pensioners. “Under the scheme, the maximum individual concession will be capped at $13,070,” Mr Wells said. The Government said the review found that the current provisions favour large, multiple title and multiple farmer transactions. It confirmed that the threshold was not a barrier to taxpayers receiving the concession, but has reduced its value to some young farmers.
Source: Victorian Treasurer’s media release, 21 November 2012
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