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Property: from Whitfords Beach to Abbey Beach paper

Published on 10 Aug 07 by WESTERN AUSTRALIAN DIVISION, THE TAX INSTITUTE

The current property boom shows no signs of abating. Planning can provide opportunities and minimizse the tax burden which is almost inevitable in the current market. Bad planning will leave you exposed to unwanted and unwarranted liabilities. The ATO is looking and has collected a considerable data base from which they are planning targeted compliance action. This paper looks at:

  • what are the choices when looking at a suitable vehicle for acquiring property?
  • what are the better ways to structure finance?
  • timing, not how to pick the market but the consequences of the timing of acquisitions and sales
  • where are the common mistakes in determining the taxable profit from property sales?
  • don’t forget the GST, how to deal with issues such as the margin scheme, going concern and other concessions available in the GST provisions
  • what does the ATO have to say about property, how have the courts looked at the issues in recent years and where will the ATO come looking?

Author profile:

Syd JENKINS
Syd joined Moore Stephens in 1987 after 14 years with the Australian Taxation Office. Since joining the firm he has overseen the taxation advice provided by the firm, and supervised the taxation compliance functions. Syd has a Commerce Degree from the University of Western Australia, a Graduate Diploma in Business Law from Curtin University and a Masters Degree in Taxation from the University of NSW.
Current at 14 May 2008
Click here to expand/collapse more articles by Syd JENKINS.
 

This was presented at Western Australian Annual Convention .

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