Part of the Future Property Professionals Program
The Future Property Professionals Program was developed and implemented by the API to provide graduates with quality education and a training pathway from academic excellence to property professional competency. Designed by property professionals, educators and technical experts the program focuses on the skills required to prosper in a dynamic professional environment.
About the GST Module
Since GST was introduced into Australia in 2000, it has become entrenched in nearly all commercial transactions and, although it is generally in the background, certain exemptions and special applications regarding GST and property have resulted in a system whereby its application has significant and varied effects on the sale, management, construction, development and valuation of property. Unlike normal retail transactions, which primarily have a straight 10% impost, there are various methods of calculating GST depending on past transactions, the status of both the vendor and purchaser, as well as the physical improvements, functional use or tenure of the property. The application and calculation of GST is generally the realm of accountants and tax advisors, and any property professional should refrain from giving advice directly to clients as to actual GST liabilities. However, to conduct day-to-day business within the property industry, it is essential that a basic knowledge of the workings and ramifications of GST is gained by all property professionals.
Put simply, the understanding of GST and its application is a not-negotiable skill for those working in the property sector. This is an introductory course on the application of GST on various property issues. The notes provide guidance in the management, development and valuation of real estate.
CPD Points: 2