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GST and property: It's only 10% so what's the problem? paper

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Published on 01 Aug 12 by WESTERN AUSTRALIAN DIVISION, THE TAX INSTITUTE

Property issues continue to be the biggest source of legal disputes in regards to the GST. The reasons for these are many including:

  • The distinction between the GST treatment of the various forms of property, including residential premises
  • The misinformation surrounding the application of the margin scheme to residential premises
  • "Expert" opinions on GST matters by real estate agents and developers
  • A lack of understanding of GST by both (or either) party of the transaction
  • A lack of understanding of the details by some lawyers
  • The complexity of the "supply of a going concern "provisions

In this paper, a number of cases will be examined as a practical application of the GST legislation to property transactions. These cases will lead to a number of variations that will be discussed in the paper to show the different GST outcomes that can arise as a result of different arrangements.

The contents of this paper is as follows:

  • Overview
  • The margin scheme
  • Enterprise
  • Property
  • Joint venture or partnership
  • Conclusion

 

Property issues continue to be the biggest source of legal disputes in regards to the GST.

Author profile

Anthony Ince CTA
Tony has more than 30 years’ experience in indirect tax matters. He has been involved in the GST since its inception in Australia and was the spokesperson for CPA WA during implementation. Tony also practices in the area of Fuel Tax Credits and state taxes, such as payroll tax and land tax. In this capacity, he has presented on indirect tax topics at numerous state and national events, including CPA Congress and Taxation Institute State Taxes Conferences. Since 2003, he has lectured as a sessional lecturer in undergraduate and post-graduate tax at Curtin University and also instructs for the Tax Institute in their “Structured Education Program”. - Current at 01 September 2022
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GST and property: It's only 10% so what's the problem?

Author(s):  Tony INCE

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