GST & Property Web Series 2023 Session 2
Recorded 28 November 2023. GST issues that need to be considered in connection with the sale of property.
GST for property developers - from fundamentals to advanced topics
Minimise risk - get the tax treatment right from the start
Common problem areas and practical solutions
Recorded 28 November 2023
If you have clients involved in property development projects or transactions, there are a range of GST issues that need to be considered - and often, the earlier the better. If you don't, the overall profitability of the project could be very different to what the client is expecting.
The two-part GST & Property web series helps you identify the key GST issues, the process for working through these issues and the steps that need to be taken to effectively utilise the concessions that are available under the GST system.
Total 1.25 CPD Hours
w Michael Carruthers
We look specifically at GST issues that need to be considered in connection with the sale of property.
The GST rules contain a number of concessions and special rules that are often relevant in the context of property development projects. It is important to understand how these rules apply in practice to ensure that clients don’t pay more GST than is necessary.
We look at:
- How to apply the GST rules to option arrangements
- The GST withholding rules and how to manage the cash flow impact for property developers
- When the margin scheme can be used to reduce the GST liability on sale of property
- How to calculate the margin in a range of common situations
- The requirements for obtaining valuations under the margin scheme
- Applying the GST rules to mixed use properties (e.g. properties that contain residential and commercial components)
- Determining whether an adjustment event has been triggered and how to calculate the GST adjustments when there is a change in use or intention with respect to a property that has been developed
Michael Carruthers
Tax Director, Knowledge Shop
Michael is an adviser, author, in demand presenter, mentor to Knowledge Shop’s technical team, and is well known for his capacity to translate highly technical information into tangible and useable advice for the profession. He has a knack for seeing through the complexity and helping advisers work through highly technical issues with certainty and accuracy.
Michael works with advisers every day to help them negotiate and implement the constant tide of change impacting the industry. He was a long-term member of the advisory panel for the Board of Taxation and was a member of the reference group for the Board’s review of small business concessions.
He was also an expert panel member for the Board’s review of tax impediments facing small business.
GST & Property Web Series 2023 Session 2
Tax & Accounting
1.25 hours | 3 modules
Investment per person:
$359.09
+ GST
Team cost:
$895.45
+ GST
You can’t use team rate, please either signup or login to access team rates
CPD Hours: 1.25 hrs
FS
SMSF
Tax Accounting
General