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Published on 13 Mar 08
by NATIONAL EVENTS, TAXATION INSTITUTE OF AUSTRALIA
Many property developers are still getting it wrong. From small developers building a couple of units, to larger complexes with many apartments, there are numerous GST issues to be addressed to ensure that any ATO audit activity is not a problem. With Australia's ageing population, an increase in the number of retirement villages has also created some GST traps. The key issues covered in this paper are:
margin scheme overview including a look at rulings and cases
developments hard to sell - let's rent it out. A look at the change of purpose rules
calculation of the ITC clawback on change of purpose.
Lachlan is a tax partner at KPMG and a director of KPMG Tax Lawyers Pty Ltd. Lachlan is the leader of KPMG's indirect tax practice in Sydney, and in recent years, has developed an extensive tax litigation practice. Lachlan is a National Councillor of the Taxation Institute, and Chair of its Corporate Subcommittee and former Chair of its GST and Indirect Tax Subcommittee. Lachlan has written for a vast range of publications, including on the topics of CGT, GST and income tax, and is a regular media commentator on tax matters. Current at January 2009
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
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