FREE READ: Gst and Real Property tips and tricks for young players
FREE READ: Gst and Real Property tips and tricks for young players
Subject: Property Tax CPD
Author: Geoff Gartly CA, Director, Gartly Advisory
The treatment of GST on property transactions can be a complex affair. Is GST registration required, and if so, when? These are just a few questions that can arise when dealing with property transactions.
This session navigates you through the GST issues and requirements about real Property, including:
• The one-off property transaction. What are the GST requirements?
• How do you deal with a property with mixed commercial and residential use?
• Settlement adjustments and GST (GSTD 2006/3)
• When can the margin scheme be applied to a property sale?
• What property sales can benefit from the use of the margin scheme?
• Margin scheme requirements, including:
o when you need to look at historical sales records
o the valuation rules • Changing intended use,:
▪ Renting premises initially intended for sale
▪ Selling premises originally intended for renting
• Case studies:
o GST-free sale of farmland concession
o GST-free going concern concession.
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Our Free Reads are sourced from technical papers presented by our faculty at recent Webinars or Conferences.
