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Have your say on our draft ruling on the land tax exemption for land being prepared for primary production
Published on 03 September 2024
You are invited to provide feedback on draft Revenue Ruling LTA-006v2 – Land being prepared for primary production.You are invited to provide feedback on draft Revenue Ruling LTA-006v2 – Land being prepared for primary production.
Land is exempt from land tax under section 68(1) of the Land Tax Act 2005 if the Commissioner is satisfied that the land is being prepared for use primarily for primary production and the land will become exempt under sections 65, 66 or 67 within 12 months of the preparation commencing. The Commissioner has discretion to extend this period for a further 12 months.
LTA-006v2 will replace LTA-006 and:
- provide more detailed guidance on the activities that constitute preparation of land for use primarily for primary production,
- identify the factors the Commissioner will consider in exercising his discretion to extend the 12-month period, and
- set out the evidentiary requirements for the exemption.
Feedback is welcome by email to consultation@sro.vic.gov.au until 5 pm Wednesday 2 October 2024.
