A COMPREHENSIVE overhaul of the state's tax system should have great benefits for farmers, Treasurer Tom Koutsantonis told media at last week's state budget lock-up.
"In total, almost $670 million in tax reductions will be returned to businesses and families over the next four years, reducing the costs of doing business," he said.
"These reforms include ongoing reductions of more than $268m per year from 2018-19.
"Over the next decade these tax reforms will return almost $2.5 billion to businesses and the community."
Included in the measures are plans to abolish share duty and abolish stamp duty on non-real property transfers including non-fixed plant and equipment.
The Stamp Duties Act 1923 will expand the stamp duty exemption for farms transferred between family members and from July 1, 2016, the stamp duty on non-residential real property transfers will be reduced by a third with a further third reduction of stamp duty on non-residential real property transfers on July 1, 2017.
"We're simplifying land tax," Mr Koutsantonis said.
"From today, stamp duty on aquaculture and fishing licences will be abolished to encourage business investment and expansion in these two key regional growth sectors.
"Stamp duty exemptions for farms transferred between family members will also be expanded to include other family businesses, removing barriers to succession planning."
Mr Koutsantonis said the reform package would, over the next four years, abolish eight taxes.
"Over the next four years, almost $670m will have been provided in tax reductions to businesses and families in this state, putting back more than $268m a year from 2018-19 into the pockets of our households and businesses," he said.
Primary Producers SA chair Rob Kerin said PPSA welcomed the fact that stamp duty on all business property transactions would be scrapped by 2018.
He said there were many family businesses which were structured incorrectly, but which could not afford the stamp duty to restructure.
"There's no better example than farming families where the farm's stuck in the name of the grandparents, the next two generations are working the farm and the grandparents are sitting in town and can't get a pension because of the assets test," he said.