A New Tax System (Goods and Services Tax) Act 1999
A supply by the Commonwealth, a State or a Territory of land on which there are no improvements is GST-free if:
(a) the supply is by way of lease (other than *long-term lease); and
(b) the lease is subject to conditions the satisfaction of which will entitle the * recipient of the supply to the grant of a freehold interest in the land or a long-term lease of the land. (2)
A supply consisting of the surrender, to the Commonwealth, a State or Territory, of a lease over land is GST-free if:
(a) the supplier acquired the land under a supply that:
(i) was GST-free under subsection (1) ; or
(ii) if the supply was made before 1 July 2000 - would have been GST-free under subsection (1) if it had been made on or after that day; and
(b) solely or partly in return for the surrender of the lease, the Commonwealth, State or Territory makes a supply of the land to the supplier that is GST-free under section 38-445 .
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.