Tax implications of property development
28 Jan 99 |
WESTERN AUSTRALIAN DIVISION, THE TAX INSTITUTE
Issue: TWILIGHT SEMINAR
Pages: 26pp. + powerpoint presentation
It is a commonly held belief that any gain derived from the subdivision and sale of land purchased prior to 19 September 1985 is tax free. This is not always the case, and tax may be imposed on development profits even where no profit-making intention existed at the time of acquisition. The issues addressed have application to situations where firstly the land has been acquired prior to 19 September 1995 (introduction of capital gains tax) and secondly the original primary intention of the owners was something other than the intention to subdivide and/ or develop and sell. The paper also examines recent case law including Casimaty v FCT and McCorkell v FCT.
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Mark is a Tax Partner with BDO Perth. He has over 30 years of experience providing tax and business advice to a wide range of industries. Mark specialises in adding value to growing private companies and families by working with them to maximise after-tax returns while optimising their financial affairs. Previously, Mark was a Partner at PKF Perth and Chairman of PKF’s National and International Taxation Committees.
- Current at
19 May 2017