Revised revenue ruling LTA-006v2 published

Published on 16 October 2024

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.

LTA-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.