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Revised revenue ruling LTA-006v2 published
We have published revised ruling LTA-006v2, which provides guidance on what constitutes the preparation of land for the purposes of primary production land tax exemption.
Published on 16 October 2024LTA-006v2 replaces LTA-006 to:
- provide more detailed guidance on the activities that constitute preparation of land for use primarily for primary production for the purposes of the exemption
- identify the factors the Commissioner will consider in exercising his discretion to extend the 12-month period
- set out the evidentiary requirements for the exemption.