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GST & Other Tax Issues in Property Development: Gearing up for the Battle Ahead convention paper

Published on 03 Jun 04 by SOUTH AUSTRALIAN DIVISION, THE TAX INSTITUTE

Property Development has re-emerged as a significant commercial activity throughout Australia in recent years. The tax issues associated with this area are often challenging and require a good understanding of the interaction between ordinary income tax, CGT, GST and stamp duty.

Case studies in this seminar paper will deal with the following issues:
- subdividing and selling off part of a main residence (ie fulfilling the new Australian dream of converting the 1/4 acre block into quick cash)
- tax issues in demolishing a house and constructing new townhouses (becoming a one-off developer)
- speculative property development tax issues.

This is a slightly updated version of papers presented on 11 March 2004 at the 38th South Australian State Convention held at Sunset Cove and on 2 April 2004 at the 18th National Convention held in Melbourne.

This paper was also presented by Phil Renshaw and Todd Jones at the Tax Keys to Property seminar held in Perth on 24 September 2004.

Author profile

Lachlan Wolfers CTA
Lachlan is the Global Head of Indirect Tax for KPMG, as well as leading the Indirect Tax and Tax Technology practices for KPMG China. As part of his role in KPMG China, Lachlan led KPMG China’s efforts in relation to the VAT reform pilot program in China, including providing advice to various Government agencies in relation to several key aspects of the VAT reforms, including the application of VAT to financial services, insurance, construction and real estate, transfers of a business, as well as other reforms relating to the introduction of Advance Rulings in China. Previously he was a partner of KPMG Australia for over 11 years as the head of Indirect Tax in Sydney, and the National head of Tax Controversy services for KPMG Tax Lawyers Pty Ltd. Lachlan is also formerly a Director of the Tax Institute. - Current at 30 September 2019
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This was presented at Tax Keys to Property .

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Individual sessions

Practical issues for property developers

Author(s):  Paul NEGUS

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