Sale of farm land and temporary cessation of farming activity
If you consider ceasing routine farming activities for a period of time bofore the sale of theland, you should consider Goods and Services Tax Determianion GSTD2011/12 released on 16 November 2011.
This determination clarifies that the sale fo farm land may be GST-free if a farming business has been carried on continuoulsy for at least five year period prior to the sale, except for a break which occurs as a result of sale.
However, where enterprise of the farm business has ended before the sale of the farm land, it is not GST-free if the land is used for some other purpose prior to its sale.
For further information, refer to Goods and Services Tax Determination - GSTD 2011/2.