This Tuesday 25 October 2011, Andrew Howe FTIA (Greenwoods & Freehills) represented The Tax Institute at a meeting of the ATO’s Property and Development Working Group. Participants at the meeting discussed a number of issues affecting the property and development industry, including:
- The ATO’s GST ruling on Retirement Villages issued earlier this year (GSTR 2011/1).
- The ATO’s development of its “Margin Scheme Eligibility Product”. The ATO has developed this product in order to assist taxpayers transacting in property to determine whether they will be eligible to apply the margin scheme. This product will be publicly available on the ATO website.
- Market trends and issues in the property sector, including the ATO’s compliance activities and the behavioural trends that the ATO is noting in the marketplace.
In addition to the above, the ATO gave members an update on a number of education tools developed recently (including a GST property tool and Solicitor’s checklist) as well as technical issues update.
Members that seek further detail in relation to the above are encouraged to contact us at Tax Policy.