Many property developers are still getting it wrong. From small developers building a couple of units, to larger complexes with many apartments, there are numerous GST issues to be addressed to ensure that any ATO audit activity is not a problem. With Australia's ageing population, an increase in the number of retirement villages has also created some GST traps. The key issues covered in this paper are:
- retirement villages
- margin scheme overview including a look at rulings and cases
- developments hard to sell - let's rent it out. A look at the change of purpose rules
- calculation of the ITC clawback on change of purpose.