Your shopping cart is empty
Tax issues for property developers, one-off builders and developers paper
Published on 06 Oct 06 by VICTORIAN DIVISION, THE TAX INSTITUTE
In 1968 Professor Stone listed as one of a number of “apparently meaningless categories” what he called “the distinction over an unusually penumbral area between capital and income”. That uncertainty continues and now affects property investors and developers both in an income tax/CGT context, and also in a GST context. This paper examines the current issues affecting property investors and developers, with a view to providing some certainty and clarity in an increasingly difficult area. Issues covered include:
- distinguishing income from capital for small scale developments - a new take on an age-old theme
- how long does it take before a profit or gain is taxed on capital account?
- what is the number or scale of developments required before a gain is taxed as ordinary income?
- the practical implications of land becoming trading stock
- interaction issues between the income tax/CGT position and GST.
Author profile
Lachlan Wolfers CTA
Lachlan Wolfers, CTA, is the Global Head of Indirect Taxes for KPMG, and also the Global Head of Data for KPMG Tax & Legal. He is also the National Leader of KPMG Law in Canada. He has over 25 years of experience advising multinational companies on indirect taxes, as well as tax transformation and technology. Lachlan is passionate about the role of indirect taxes in driving developments in the digitalization of the tax function. His recent publications, 'Transforming the in-house tax function through Technology', ‘The Future of Indirect Taxes to 2030‘, ‘The Future of VAT in a Digital World’ and ‘The Future of Generative AI in the Tax Profession’ all seek to provide insights on developments in areas like indirect taxes, how data is managed in the tax function and in the use of technologies to chart a course to the future. Lachlan has a strong sector focus on the digital economy and in the financial services sectors, and acts for many of the largest companies in these sectors, including for industry bodies. Lachlan also has considerable experience in the implementation of VAT/GST systems, having done so in Australia in the year 2000, and in China from 2012 to 2016. In 2020 Lachlan was awarded the Indirect Tax Advisor of the year for the Asia Pacific region by the International Tax Review. Lachlan has a long history of providing support and expertise to policymakers, finance ministries and tax authorities around the world, including in China, Australia and the UK, as well as the OECD. He is admitted as a Solicitor to the Supreme Court of NSW, and is called to the Bar by the Law Society of Ontario. Earlier in his career, Lachlan was the Associate to Justice Keith Mason, President of the NSW Court of Appeal. Lachlan has co-authored the leading textbook on capital gains tax in Australia (with Adjunct Professor Gordon Cooper AM), as well as authoring chapters for textbooks on income tax and GST. He was previously a National Director of the Taxation Institute of Australia. - Current at 19 September 2025
This was presented at 45th Victorian State Convention: Finding buried treasure .
Get a 20% discount when you buy all the items from this event.
Individual sessions
Superannuation - not so simple
Author(s): Kim COWIE, Bernie O'SULLIVANMaterials from this session:
-
insert_drive_file
- insert_chart
- shopping_cart Add all items to cart - $72.00
Digging for gold in black holes: Black hole expenditure - what's fixed and what isn't?
Author(s): Tim NEILSONMaterials from this session:
-
insert_drive_file
- insert_chart
- shopping_cart Add all items to cart - $72.00
Drawing a treasure map - tax in 5 to 10 years
Author(s): Neil A WARRENMaterials from this session:
-
insert_drive_file
- insert_chart
- shopping_cart Add all items to cart - $72.00
CGT Rollovers: restructuring for the top end
Author(s): Richard CZERWIK, Stephen CARPENTERMaterials from this session:
-
insert_chart
Restructuring for SMEs
Author(s): Michael SELTH, Michael JONESMaterials from this session:
-
insert_drive_file
- insert_chart
- shopping_cart Add all items to cart - $72.00
Navigating through corporate restructuring tax provisions
Author(s): Michael CLOUGH, Daniel SNYDERMaterials from this session:
-
insert_drive_file
- insert_chart
- shopping_cart Add all items to cart - $72.00
Tax issues for property developers, one-off builders and developers
Author(s): Lachlan R WOLFERSMaterials from this session:
-
insert_drive_file
- insert_chart
- shopping_cart Add all items to cart - $72.00
CGT small business concessions - selected issues
Author(s): Ron JORGENSEN, Daniel SMEDLEYMaterials from this session:
-
insert_drive_file
- insert_chart
- shopping_cart Add all items to cart - $72.00
Latest remuneration strategies
Author(s): Elizabeth LUCASMaterials from this session:
-
insert_drive_file
- insert_chart
- shopping_cart Add all items to cart - $72.00
HWI audits: the long and winding road
Author(s): Paul SOKOLOWSKIMaterials from this session:
-
insert_drive_file
- insert_chart
- shopping_cart Add all items to cart - $72.00
Intellectual property: traps & opportunities
Author(s): Anthony BRADICAMaterials from this session:
-
insert_drive_file
- insert_chart
- shopping_cart Add all items to cart - $72.00
International tax - there's treasure buried all over the world
Author(s): Liam COLLINSMaterials from this session:
-
insert_drive_file
Managing risks in a tax audit: the tax man cometh
Author(s): Michael BERSTENMaterials from this session:
-
insert_drive_file
- insert_chart
- shopping_cart Add all items to cart - $72.00
New land tax and stamp duty issues and planning techniques
Author(s): Zoe CHUNGMaterials from this session:
-
insert_drive_file
- insert_chart
- shopping_cart Add all items to cart - $72.00
Consolidation...unfinished business
Author(s): Michelle DE NIESEMaterials from this session:
-
insert_chart
The pending taxation of financial arrangements regime - practical analysis
Author(s): Ken SPENCE, Simon HAINES, Enzo COIAMaterials from this session:
-
insert_drive_file
- insert_chart
- shopping_cart Add all items to cart - $72.00
Holding on to your treasure: bankruptcy and the implications for asset protection
Author(s): Michael LHUEDEMaterials from this session:
-
insert_drive_file
- insert_chart
- shopping_cart Add all items to cart - $72.00
Winning treasure from the courts - treatment of compensation payments and damages awards
Author(s): Michael HINESMaterials from this session:
-
insert_drive_file
- insert_chart
- shopping_cart Add all items to cart - $72.00
The 'ins' and 'outs' of testamentary trusts
Author(s): Bruce COOKMaterials from this session:
-
insert_drive_file
Exploring new waters - emerging trust issues
Author(s): Graeme HALPERINMaterials from this session:
-
insert_drive_file
Tax Practice 2006
Author(s): Chris WALLIS, Keith JAMES, Neil EARLEMaterials from this session:
-
insert_drive_file
- insert_drive_file
- insert_chart
- shopping_cart Add all items to cart - $132.00
Further details about this event:
Copyright Statement