Category «Property Development»

GST Withholding Clause When Seller Not Registered for GST

Question Under the new amended legislation to require buyers of new subdivision of potential residential land to withhold the GST component of the purchase price there appears to me an anomaly with the way the GST Withholding Annexure issued by real estate agents in WA. The notice starts of with 1. Is this contract concerning …

Margin Scheme Strategy

Question Have client purchased residential property with house December 1997 for around $180,000 (using Company Structure, in business code “on tax returns” of rental/lease of no residential properties ie owns 3 other commercial properties leased). Property (land) price now valued around $600,000 Rented the Residential House on and off most of the period up to …

Tax, GST And A Builder’s Home

Question I bought a house in NSW with a vacant block adjoining in September of 2018. The block was on two separate titles but purchased from the one vendor. It was purchased solely in my name. We have lived in the house since purchase and have now decided to renovate the house we are in …

Tax Settlement of Investment Property

Question Dec 13 – My client & his brother in law purchased an investment property in Victoria. Did few repairs to put it on to rent. Jun 14 – Tenanted for 1 year up to Jun15 Oct 14 – Transferred 50% of their respective share to their wives owning 25% each after the transfer out …

Non resident property developers

Question Married couple Australian Citizens with Current Non Resident tax status (residing in country without tax treaty) is considering purchasing land with a current house on it. The house could be rented out for a period if advantageous or demolished on purchase to subdivide into 3 blocks for sale. They just sold the last bloke …

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