The McGowan Government is delivering on its commitment to provide support for the Western Australian agricultural industry with legislation introduced into State Parliament today.
The Revenue Laws Amendment Bill 2018 contains a package of amendments to simplify some of the complex transfer duty arrangements currently in place for farming properties, and close loopholes to ensure exemptions and concessions are being applied correctly.
One of the most significant changes included will be to provide transfer duty exemptions for the progressive transfer of a farm from one family member to another – something that has been a real concern for many farmers.
It is the Government’s intention for this legislation to pass in the autumn session of 2019.
As noted by Finance Minister Ben Wyatt:
“The McGowan Government is committed to supporting our agricultural industry. These are sensible changes that the agricultural industry have been asking for and are well overdue.
“Having failed to make these reforms while in government, the challenge now for the Liberal and ³Ô¹ÏÍøÕ¾s parties is whether they can put farming families ahead of their efforts to continually wreck the finances of the State with spiteful political games.
“Given their recent record I do have serious concerns but remain eternally optimistic that a moment of sanity, however fleeting, is had by the Liberal and ³Ô¹ÏÍøÕ¾s parties on this matter.”
As noted by Agriculture and Food Minister Alannah MacTiernan:
“We are listening to farmers and getting on with providing the relief that the agricultural industry has raised with governments for years.
“This change will be a great boost for the institution of the family farm, which is the bedrock of agriculture in our State.”
