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Masterclass series 2012: GST and property

Published on 01 Aug 2012 | Took place at Perpetual Boardroom, Perth , WA

    Property disputes continue to be the biggest source of legal disputes in regards to the GST, for many reasons including:
  • the distinction between the GST treatment of the various forms of property, including residential premises
  • the misinformation surrounding the application of the margin scheme to residential premises
  • “expert” opinions on GST matters by real estate agents and developers
  • a lack of understanding of GST by both (or either) party to the transaction
  • a lack of understanding of the detail by some lawyers
  • the complexity of the “supply of a going concern” provisions.
    This event covered the practical application of the GST legislation to property transactions via examination of a number of cases.

Individual sessions

GST and property: It's only 10% so what's the problem?

Author(s):  Tony INCE

Property issues continue to be the biggest source of legal disputes in regards to the GST. The reasons for these are many including:

  • The distinction between the GST treatment of the various forms of property, including residential premises
  • The misinformation surrounding the application of the margin scheme to residential premises
  • "Expert" opinions on GST matters by real estate agents and developers
  • A lack of understanding of GST by both (or either) party of the transaction
  • A lack of understanding of the details by some lawyers
  • The complexity of the "supply of a going concern "provisions

In this paper, a number of cases will be examined as a practical application of the GST legislation to property transactions. These cases will lead to a number of variations that will be discussed in the paper to show the different GST outcomes that can arise as a result of different arrangements.

The contents of this paper is as follows:

  • Overview
  • The margin scheme
  • Enterprise
  • Property
  • Joint venture or partnership
  • Conclusion

 

Property issues continue to be the biggest source of legal disputes in regards to the GST.

Materials from this session: