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03 Jul 12 Taxpayers were in property development partnership for GST purposes - Yacoub

The Federal Court (Jagot J) has held that the taxpayers (husband and wife) were in partnership with a property development company in relation to the construction of villa units on a property at Wentworthville, New South Wales and, accordingly, were liable to pay GST on the sale of the villa units.

The taxpayers' arguments that the relationship between themselves and the development company was a "non-entity joint venture" as defined in s 195-1 GST Act (which in turn referred to s 995-1(1) of ITAA 1997) were rejected. In particular, the parties had agreed to share equally all "proceeds" which the Court interpreted as "profits": Yacoub v FCT [2012] FCA 678 (Federal Court, Jagot J, 29 June 2012).


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