Presented by Steven Ren, Senior Manager - Indirect Tax at KPMG, this session will provide a focus on GST in complex property transactions including those involving property development.
Topics to be covered include:
- Basic principles of GST and how it applies to commercial residential premise and mixed used property
- GST Margin Scheme – a look at eligibility and valuation requirements with a focus on some of the implications for mixed use developments
- Supply of a going concern – a look at the requirements for when a transaction should qualify as ‘GST-free’ supply of a leasing or development enterprise
- When should ‘residential premises’ no longer be considered ‘new residential premises’ – a look at some of the considerations following the ‘Gloxinia’ case and subsequent legislative amendments
- Implications for a change in use with new residential premises, “buy, develop and sell” vs. “buy, develop and lease (and then sell)” scenarios
- Latest hot issues and recent case law developments including compulsory acquisitions, retirement villages, ‘storage equities case’, unimproved land evaluations and GST treatment of option fees
- Overview of the changes to GST law requiring purchases of new residential premises and land in new subdivisions to remit the GST on the sale directly to the ATO at settlement
This session is intended to assist those who may be uncertain with the treatment and presentation of GST in different valuation scenarios including ‘As if Complete’ assessments either on a ‘Gross Realisation’ or ‘In One Line’ basis together with valuations of recently completed residential or mixed use projects held in entirety or in part by the original developer.