Hi we finished our farm business end dec16. We subdivided 1 1/2 acres off and are selling it foe around $500000. We have our own super fund. Husband retired I work a bit. We will pay capital gains and split into our super fund. Do we need to pay gst too...our account is on holidays and can't be contacted?. Thankyou.

The sale of subdivided land used for a farming business for at least five years is GST-free if both of the following apply:
1. It's permissible to use the land for residential purposes
2. The supply is made to an associate of the supplier – such as a relative or a closely connected company or trust – for less than market value.

If you sell farmland and you don't meet the above conditions, the sale is taxable and you're liable for GST on the price.

Regards

Suresh Rajani