Does “potential subdivided land” mean that if one residence can be built the definition applies irrespective of the size of the land?
GST Policy/Law There is no provision relating to ‘potential subdivided land’ in A New Tax System (Goods and Services Tax) Act 1999 (‘the GST Act’) ‘Potential residential’ land is referred to in s. 38-475 of the GST Act in determining whether a supply of subdivided farm land to an associate of the supplier of the land is GST-free. The sale of subdivided farmland will be GST free under certain conditions.
