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
49 Subsection 38-475(1)
Repeal the subsection, substitute:
(1) The supply of a freehold interest in, 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.