A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 38.480 Farm land supplied for farming
A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 38.480
Farm land supplied for farmingThe supply of a freehold interest in, or the lease by an * Australian government agency of 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.