Property and Development Working Group
Last Wednesday 4 April 2012, Andrew Howe FTIA (Greenwoods & Freehills) and Tax Counsel Stephanie Caredes ATIA attended 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:
- A review of the property-related education tools the ATO has available on the ATO website. These include a GST Property Tool and a CGT Small Business Concessions tool. Links to these tools are provided below:
- ATO property
- GST property
Members are encouraged to try these tools out and provide their feedback either to the ATO directly or to The Tax Institute at Tax Policy. All feedback will be forwarded on to the ATO on an in-confidence basis;
- An update in relation to GST issues affecting the Retirement Village industry;
- Consideration by the ATO of developing a template for its website where information regarding GST refunds claimed can be recorded to assist with expediting the issue of refunds;
- Trends in relation to compliance activities in the property sector; and
- A technical update on various GST Rulings and Determinations that have recently been released, in particular GSTR 2012/D1 – Goods and Services Tax: Residential Premises and Commercial Residential Premises (insert link) which seeks to amend GSTR 2000/20 - Goods and Services Tax: Commercial Residential Premises (insert link).
Members that seek further detail in relation to the above are encouraged to contact us at Tax Policy.