This paper provides a practical overview of a number of GST issues that commonly arise with property developments and presents case studies dealing with:
- change of intention - what happens if you change your mind and decide to rent, rather than sell, a development (or vice versa)? Or if you decide to rent after purchasing a 'going concern'?
- margin scheme - what are the implications of the recent amendments to the rules?
- residential property vs commercial property - understanding the recent Toyama case and the amendments introduced to reverse Marana Holdings: is a supply of property now subject to GST or input-taxed?
- retirement villages - are you making input taxed supplies of residential premises, GST-free supplies of accommodation, and/or taxable supplies of additional services? When are maintenance fees input taxed? Dealing with supplies to serviced apartments and supplies by charitable institutions.