GST Update – Changes to the Margin Scheme and Other Significant Developments
Published on 18 Jun 2009
| Took place at Leonda by the Yarra, Hawthorn
This Breakfast Club session provided an update on a number of significant recent GST issues and developments impacting business taxpayers.
Recent changes to the GST margin scheme have important implications for property developers in relation to their
GST liability and accordingly, their profit margin on current and future projects. The government also confirmed in the 2009 Federal Budget that it will adopt the recommendations from the Board of Taxation's GST review.
Subsequently, Treasury has released four discussion papers for comment in relation to reviews of the margin scheme, the application of GST to financial supplies and cross-border transport supplies, and on administration issues.