The Treasurer has approved an Administrative Arrangement (see Public Ruling DA 105.3.1) for the extension of concession for dutiable transactions for family businesses of primary production.
https://www.treasury.qld.gov.au/taxes-royalties-grants/duties/da105-3.php
The Administrative Arrangement ensures that a beneficial tax opportunity may be realised immediately for tax payers – so that the benefits are not delayed by the regulatory amendment process.
The Arrangement is legally binding on the Commissioner.
Dutiable property does include water entitlements (see the Ruling for details).
An amendment to the Duties Act 2001 is currently being drafted and will apply retrospectively from 20 December 2016.
ENDS