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Tax issues for property developers, one-off builders and developers paper

Published on 06 Oct 06 by VICTORIAN DIVISION, THE TAX INSTITUTE

In 1968 Professor Stone listed as one of a number of “apparently meaningless categories” what he called “the distinction over an unusually penumbral area between capital and income”. That uncertainty continues and now affects property investors and developers both in an income tax/CGT context, and also in a GST context. This paper examines the current issues affecting property investors and developers, with a view to providing some certainty and clarity in an increasingly difficult area. Issues covered include:

  • distinguishing income from capital for small scale developments - a new take on an age-old theme
  • how long does it take before a profit or gain is taxed on capital account?
  • what is the number or scale of developments required before a gain is taxed as ordinary income?
  • the practical implications of land becoming trading stock
  • interaction issues between the income tax/CGT position and GST.

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 45th Victorian State Convention: Finding buried treasure .

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