Commonwealth Consolidated Acts

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A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 38.475

Subdivided farm land

             (1)  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.

             (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.



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