Last Wednesday 21 November 2012, Andrew Howe CTA (Greenwoods & Freehills) and Tax Counsel Stephanie Caredes CTA 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:
- The ATO’s concerns in relation to disengaged property developers where the ATO sought feedback from Members about what may be causing the disengagement and to look for ways to “level the playing field”;
- A presentation in relation to high wealth individuals in the property and construction industry and the compliance issues associated with this type of taxpayer;
- An update in relation to GST issues affecting the Retirement Village industry;
- A discussion on the information sharing between State Revenue Offices and the ATO;
- The ATO’s experiences in relation to undertaking refund integrity work under the new section 8AAZLGA of the Taxation Administration Act 1953 (Cth);
- 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 in relation to GSTR 2000/20 - Goods and Services Tax: Commercial Residential Premises, the revised version of which will be issued in the form of 4 rulings and one determination in the next couple of months.
Members seeking further detail in relation to the above are encouraged to contact us at Tax Policy.