GST & Property for Lawyers – 5 program video webinar series

Mastering GST Clauses: Key Drafting Essentials

GST clauses are sometimes seen as a simple and standard item which can be replicated from transaction to transaction. This session explores the complexities that can arise in specific circumstances including:

• Common mistakes with GST clauses
• Risks with poorly drafted GST clause
• Consequences when a GST clause is missing
• GST withholding clauses for real property contracts
• Issues when contracting with government agencies which are notional taxpayers
• Drafting for foreign exchange issues
• Lessons from case law

The Margin Scheme: Complexities in Practice

The margin scheme is central to the property development industry. This session reviews the key concepts in understanding how the margin scheme framework operates, including:

• The role of tax invoices
• Understanding the requirement for an agreement in writing
• Record keeping:
  • calculating the margin
  • calculating the consideration for the acquisition of subdivided land or stratum title units
• Dealing with amalgamated land
• Effect of the margin scheme – no input tax credits available to purchaser
  • limitations on resale
• Valuation issues – is the valuation provided on a GST inclusive basis?
• Getting GST advice early – what questions should the adviser ask?
• Lessons from recent case law

Sale of a Going Concern - Risk Management Checklist

The sale of a going concern still raises compliance issues. The transaction has to be considered from the supplier’s perspective. This session covers an essential compliance checklist for gaining the GST exemption, including:

• Have the parties agreed the sale will be of a sale of a going concern?
• What if seller has different entities owning different parts of the business?
• Recovery of GST where going concern exemption does not apply
• Purchaser and vendor warranting they remain registered until time of completion
• Transfer of employees on transfer of going concern
• Dealing with partly tenanted or vacant buildings
• Can a tenant of commercial property purchase that property as going concern?
• Can a corporate trustee of a fund satisfy the going concern exemption?
• Property has a commercial and residential lease – is whole property a going concern?
• Case update

Long-term Leases and Development Agreements: The GST Challenges

The grant of long-term leases over government land can give rise to interesting GST challenges. This is especially the case where the government imposes requirements for works to be done as a precondition of granting the long-term lease. This session considers:

• The characteristics of development lease arrangements
• Understanding GSTR 2015/2:
  • what is non-monetary consideration?
  • determining the value of non-monetary consideration
  • accounting for GST
• Taxpayer Alert 2018/3 – what types of arrangements are the ATO cautioning against?
• Understanding the different rules for not-for-profits and commercial developers
• Lessons from Barton Partners and Belconnen Lakeview class actions

ATO Compliance Regime – Understanding the Regulator from a GST Perspective

This session examines the ATO compliance approach and the best way to manage the client ATO relationship when dealing with GST compliance for property transactions. It includes:

• The ATO GST compliance approach – an overview
• Understanding the types of data the ATO uses in assessing compliance
• GST record keeping and reporting of transactions
• Practical case studies