Property and the appropriate GST treatment of property transactions continue to cause major headaches for accountants and lawyers advising clients and property developers. Clients are also being introduced to arrangements that have unintended effects that the Commissioner of Taxation is seeking to address with the release of a number of recent Taxpayer Alerts, serving as an 'early warning' system that such arrangements may have dire consequences for the taxpayers concerned.
These seminar materials will be a refresher on the application of GST for property transactions, focusing on residential property and commercial residential property and when the crossover from residential property to commercial residential property occurs. The margin scheme and the going concern provisions are also discussed. In addition, there is a review of recent case law and recent ATO announcements.