Queensland's cotton industry has welcomed the State Government's commitment to include water assets in the stamp duty relief measures previously announced in the July 2016 State Budget.
Cotton Australia General Manager, Michael Murray, says the Government has moved quickly to rectify something that was clearly an anomaly.
"Water assets are an inseparable part of irrigating farm businesses, and contribute considerably to the real value of the overall farming enterprise," Mr Murray says.
"We welcome the inclusion of water assets in the stamp duty exemptions, which removes a significant impediment to the inter-generational transfer of property."
"Succession planning is an important concern for many family farmers in Queensland, and the knowledge that stamp duty on water will no longer apply to the transfer of properties to the next generation will be a great relief to many cotton growers."
"We thank the Government for working with the agriculture industry to achieve this common sense outcome."
The Office of State Revenue is to publish a ruling setting out the terms of the new arrangement, which will apply retrospectively to farm business transfers from 12 October, 2016.
Cotton Australia is the peak representative body for Australia’s cotton growing industry.
Cotton Australia media contacts:
General Manager, Cotton Australia
0427 707 868