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A New Tax System (Goods and Services Tax) Act 1999

Chapter 3 - The exemptions  

Part 3-1 - Supplies that are not taxable supplies  

Division 38 - GST-free supplies  

Subdivision 38-O - Farm land  

38-475  Subdivided farm land  


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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.


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.


This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
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