- A building site does not require an environmental plan permitting construction at the time of delivery for qualification, according to the Turnover Tax Knowledge Group.
- However, sufficient objective information must exist at delivery to indicate that the environmental plan will be amended and a permit granted for future building.
- In the provided case, agricultural plots sold in year 10 are considered a building site due to a pre-existing municipal environmental vision (from year 1) for development, even though the environmental plan allowing building wasn’t changed until year 15.
Source Taxlive
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