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GST and real estate

Published on 15 Feb 00 by VICTORIAN DIVISION, THE TAX INSTITUTE

A very detailed discussion on how different residential properties will be treated during the transition of GST and after GST has been implemented.The objective of this paper is to make sense of the legislative nonsense about how real estate transactions are treated under the GST regime. In addition to these fundamental design problems, there are a number of practical issues which will be confronted by real estate agents, auctioneers, valuers, vendors, purchasers and tax advisers in a GST environment. This paper will attempt to explain some of these complexities and hopefully explain how these problems may be overcome.

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Lachlan Wolfers CTA
Lachlan is the Global Head of Indirect Tax for KPMG, as well as leading the Indirect Tax and Tax Technology practices for KPMG China. As part of his role in KPMG China, Lachlan led KPMG China’s efforts in relation to the VAT reform pilot program in China, including providing advice to various Government agencies in relation to several key aspects of the VAT reforms, including the application of VAT to financial services, insurance, construction and real estate, transfers of a business, as well as other reforms relating to the introduction of Advance Rulings in China. Previously he was a partner of KPMG Australia for over 11 years as the head of Indirect Tax in Sydney, and the National head of Tax Controversy services for KPMG Tax Lawyers Pty Ltd. Lachlan is also formerly a Director of the Tax Institute. - Current at 30 September 2019
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