Transfer of Business Property Between Family Members in Australia


Transferring business properties between family members in Australia comes with its own set of regulations and steps. Here's a concise guide to help you through the process:

Key Dates for Different Transferee Types:

For transactions entered into on or before 18 May 2022:
  • Duty exemption for primary production land transfers applies only if individual transferees are involved.

For transactions entered into on or after 19 May 2022:

  • The duty exemption extends to include transferees such as trustees of various trusts, self-managed superannuation funds, and proprietary limited companies.

Essential Documents Required:

To facilitate the smooth transfer, ensure you have the following documents in order:

  • Cover letter detailing transaction specifics.
  • Agreement and/or transfer documentation.
  • Application for Exemption – Transfer of Land used for Primary Production Between Family Members (ODA 071).
  • Evidence confirming the land's prior use for primary production business.
  • Completed Purchaser/Transferee Declaration form for each party involved.
  • Duties Client Identification (CI) for each transferee.
  • Relevant duties proof of status documents, especially if the property is residential-related.
Additional documentation specific to the type of transferee:

For a Proprietary Limited Company:
  • Memorandum and articles of association.
  • Certified copy of the share register.
For an Executor of a Deceased Estate:
  • Sealed probate containing the Will and list of inventory.
  • Executed codicils or family provision orders (if applicable).
For a Trustee of a Private Unit Trust Scheme:
  • Endorsed trust deed.
  • Certified copy of the unit register.
  • Any relevant deeds of variation/amendment.
For a Trustee of a Family/Discretionary Trust:
  • Endorsed trust deed.
  • All relevant deeds of variation/amendment.
For a Trustee of a Bare Trust:
  • Executed endorsed Bare Trust Deed or detailed explanation of trust arrangements.
  • Any relevant deeds of variation/amendment.
For a Trustee of a Self-Managed Superannuation Fund (SMSF):
  • SMSF trust deed.
  • Register of SMSF members.
  • Any relevant deeds of variation/amendment.

Ensuring all necessary documents are in place streamlines the transfer process and helps avoid any potential delays or complications. For personalized guidance, consider consulting with a legal or financial professional.

Source: Duties Act evidentiary requirements: Section 274, Revenue NSW website

  • Should you have any queries, please contact Tax Ideas Accountants & Advisers on
    +61 2 83181545
  • Alternatively, you can book an appointment in our live calendar.

Written by Ideas Group

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