Published on 01 Aug 12
by WESTERN AUSTRALIAN DIVISION, THE TAX INSTITUTE
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:
- The margin scheme
- Joint venture or partnership
Property issues continue to be the biggest source of legal disputes in regards to the GST.
Current at 14 September 2011
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