Published on 10 Oct 13
by VICTORIAN DIVISION, THE TAX INSTITUTE
In this presentation, 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.