A New Tax System (Indirect Tax and Consequential Amendments) Act (No. 2) 1999 (177 of 1999)
Schedule 1 Indirect Tax Acts
Part 1 Amendment of the A New Tax System (Goods and Services Tax) Act 1999
50 Section 38-480
Repeal the section, substitute:
38-480 Farm land supplied for farming
The supply of a freehold interest in, or the *long term lease of, land is GST-free if:
(a) the land is land on which a *farming business has been *carried on for at least the period of 5 years preceding the supply; and
(b) the *recipient of the supply intends that a farming business be carried on, on the land.
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