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The accidental property developer paper

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Published on 10 Oct 13 by VICTORIAN DIVISION, THE TAX INSTITUTE

In this paper, Ben discusses the tax issues that arise for the one-off or backyard property developer including:

  • when to register for GST, and other GST implications
  • application of margin scheme provisions and getting it right
  • profit-making undertakings, and venturing property into a development (but not trading stock) andv aluations etc
  • interplay between CGT and GST
  • whether the gain is on capital or revenue account, eg repeat “backyard” subdividers and developers whouse the main residence CGT exemption.

Author profile

Ben Payne
Ben has over 15 years experience in business services. In his current role, Ben assists in heading up the property advisory division which primarily focuses on advising private property developers. His clients range in size from development projects worth over $1.2 billion to two-lot townhouse developments. Prior to joining Moore Stephens, Ben was an Associate Director of JSP Group, heading up their Property and Self Managed Superannuation Fund (SMSF) division. Outside his advisory role, Ben is also a keen property developer and has owned and managed several residential land subdivisions from 56-364 residential lots. Combining both his extensive technical and hands-on experiences in property development, Ben delivers a practical and easy to follow approach when advising on property related transactions. - Current at 14 August 2013

 

This was presented at Vic 1st Annual Tax Forum .

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