Is there a clause in the trust that would prevent us claiming an exemption from stamp duty when buying the family farm?
We don't provide stamp duty advice, and unfortunately we are unable to alter our deeds to take into account the various stamp duty regimes in each of the States/Territories. However, the following is an example of the information available regarding the family farm exemption in Victoria (from the State Revenue Office's website), regarding which trusts will qualify for an exemption. Looking at this information, it would appear that our trust deed would not meet these requirements, and a deed may need to be specifically drawn up by a solicitor:
What type of trusts qualify?
The transferee may be a trustee of a fixed trust which limits the beneficiaries to relatives of the transferor or charitable institutions. Alternatively, the transferee may be a trustee of a discretionary trust which only allows capital distributions of the primary production land (including any part of the primary production land) to be made to a relative of the transferor or a charitable institution.
The trust deed cannot contain a variation clause that would permit the distribution of the family farm (or any part of it) to parties other than relatives or charitable institutions."