Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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.