Goods and Services Tax (GST) is a particularly
complex issue for the property sector. As well as being a highly
technical area, GST has a significant financial impact on property
projects and mistakes can be costly. There have been a number of
recent GST developments that have a significant impact on the
property sector and this article briefly highlights some of these,
including:
- amendments to overcome the Gloxinia court
decision
- ATO backs down on margin scheme refunds
- retirement village developments
- replacing the going concern/farm land exemptions with a reverse
charge mechanism
- redrafting the margin scheme provisions
- other developments.
Taxpayers need to be aware of these developments, since they
create risks that need to be understood and proactively
managed.
