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The AAT has held that the taxpayer, a vendor of land, was liable to pay GST on the full value of the land, notwithstanding the fact that part of it was "funded" by vendor finance that was never "repaid" (paid) by the purchaser.

The taxpayer's contention that there was no loan but merely an extension of time in which to pay the balance of the purchase price was rejected. Similarly, the fact that the taxpayer returned GST on a cash basis was not considered determinative. In contrast, the Commissioner's contention that the taxpayer had received full consideration for the transfer of the property, being cash and the entry into the loan agreement, was accepted.

Rod Mathiesen Truck Hire Pty Ltd as trustee for the Mathiesen Family Trust and FCT [2013] AATA 496 (AAT, Molloy DP, 15 July 2013).


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