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GST & Other Tax Issues in Property Development presentation

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 presentation 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 was also presented on 11 March 2004 at the 38th South Australian State Convention at Sunset Cove and on 2 April 2004 at the 18th National Convention held in Melbourne.

Author profile:

Lachlan R WOLFERS
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 Current at 25 March 2009 Click here to expand/collapse more articles by Lachlan R WOLFERS.
 

 

This was presented at 38TH SOUTH AUSTRALIAN STATE CONVENTION: A SPECTACLE OF TAX .

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ATO Audits and Activity

Author(s):  Annette CHOOI

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