22 Aug 1111 Developer made taxable supply post 1 July 2000 - Central Equity
The Federal Court (Gordon J) has held that the taxpayer made a taxable supply of real property after 1 July 2000 in circumstances where it had entered into an enforceable contract of sale before 1 July 2000 but settlement of that contract had occurred after 1 July 2000. It was thus entitled to calculate its GST liability in accordance with the margin scheme.
The Court considered the meaning of s 6(3) of the GST Transition Act, which provides that a supply of real property is made when the property is "made available" to the recipient. The Court held that the property was "made available" to the purchasers at settlement.
The Court went on to hold that if it was wrong in this conclusion, the taxpayer had made a valid notification under s 105-55 of Schedule 1 to the Taxation Administration Act 1953 for the purposes of making a GST refund claim.
Central Equity Limited v FCT  FCA 908 (Federal Court, Gordon J, 10 August 2011).