Published on 10 Oct 13
by VICTORIAN DIVISION, THE TAX INSTITUTE
In this paper, Ben discusses the tax issues that arise for the one-off or backyard property developer including:
when to register for GST, and other GST implications
application of margin scheme provisions and getting it right
profit-making undertakings, and venturing property into a development (but not trading stock) andv aluations etc
interplay between CGT and GST
whether the gain is on capital or revenue account, eg repeat “backyard” subdividers and developers whouse the main residence CGT exemption.
Ben has over 15 years experience in business services. In his current role, Ben assists in heading up the property advisory division which primarily focuses on advising private property developers. His clients range in size from development projects worth over $1.2 billion to two-lot townhouse developments. Prior to joining Moore Stephens, Ben was an Associate Director of JSP Group, heading up their Property and Self Managed Superannuation Fund (SMSF) division.
Outside his advisory role, Ben is also a keen property developer and has owned and managed several residential land subdivisions from 56-364 residential lots. Combining both his extensive technical and hands-on experiences in property development, Ben delivers a practical and easy to follow approach when advising on property related transactions.
Current at 14 August 2013
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
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