A New Tax System (Goods and Services Tax) Act 1999
The supply of a freehold interest in, or the lease by an * Australian government agency of or the * long term lease of, * potential residential land is GST-free if:
(a) the land is subdivided from land on which a *farming business has been * carried on for at least 5 years; and
(b) the supply is made to an * associate of the supplier of the land without * consideration or for consideration that is less than the * GST inclusive market value of the supply.
View history note
Hide history note(2)
An entity * carries on a farming business if it carries on a * business of:
(a) cultivating or propagating plants, fungi or their products or parts (including seeds, spores, bulbs and similar things), in any physical environment; or
(b) maintaining animals for the purpose of selling them or their bodily produce (including natural increase); or
(c) manufacturing dairy produce from raw material that the entity produced; or
(d) planting or tending trees in a plantation or forest that are intended to be felled.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
