A routine intergenerational transfer, a deed amendment after exchange, and an exemption that survived by its timing.
A 2025 NCAT decision is a wake-up call for practitioners advising on family farm transfers.
In Camwall Pty Ltd atf Antap Trust v Chief Commissioner of State Revenue [2025] NSWCATAD 136, a routine intergenerational transfer almost attracted full transfer duty because of a trust deed amendment made after contracts were exchanged.
The facts
Patricia Wallace owned farmland. Her son John had operated the family’s primary production business on that land for years.
On 26 October 2023, Camwall Pty Ltd, as trustee of the Antap Trust, a discretionary family trust where John was sole director and named beneficiary, contracted to acquire the farmland.
Between contract and settlement, the trust deed was amended on 24 January 2024, making John the primary taker in default, with his children only entitled if John was no longer alive. Previously, John’s children had been listed as takers in default.
The family claimed the duty exemption under s 274 of the Duties Act 1997 (NSW). Revenue NSW refused.
The dispute
Section 274 provides a full exemption from transfer duty on primary production land transferred between family members, extended since 19 May 2022 to transfers into discretionary trusts. The catch: s 274(4A)(b)(ii) imposes a 3-year post-transfer requirement on the family member “directing” the transferee.
Revenue NSW argued the amendment to the taker-in-default provisions meant this 3-year requirement could not be satisfied. Two questions arose: when must the s 274 conditions be assessed, at contract (October 2023) or transfer (January 2024)? And did the amendment disqualify the exemption?
The outcome
NCAT sided with the taxpayer. The relevant date was the agreement date, 26 October 2023. John’s role as sole director, named beneficiary and the person operating the business meant the amendment did not alter his control. The assessment was set aside and remitted. The family kept their exemption. But it was close.
Practitioner takeaways
Timing is everything. Liability arises at contract, not transfer. Get this wrong and you assess eligibility at the wrong point.
Trust deed amendments between exchange and settlement are dangerous. Even well-intentioned changes can trigger a Revenue NSW challenge. Document the “person directing” analysis before the transaction, because Revenue NSW will scrutinise trustee control, named beneficiaries and family connections.
The 3-year holding requirement is strict. If the directing member’s interest drops below 25%, the exemption unwinds. And s 274 only covers primary production land (per s 10AA Land Tax Management Act 1956). Residential parcels on farming properties may not qualify.
Farm succession planning requires duty advice at the structuring stage, not after contracts are signed.
General information only. This note was accurate when written. The law may have changed since and the note is not updated. It is not legal or tax advice, does not take account of your circumstances and must not be relied upon as a substitute for advice on your own matter. If the issue is live for you or your client, email arda@nortonquaytaxlaw.com.au for advice on the current position.