In the 2017-2018 Federal Budget the Government announced several changes aimed at reducing pressure on housing affordability, some of which affect foreign ownership of Australian residential property. The biggest change is the introduction of a cap on foreign ownership in new developments, through a condition on New Dwelling Exemption Certificates…
1 May, 2017
Is the Option Fee Treated as Consideration When Calculating GST Under the Margin Scheme?
In The Trustee for the Whitby Trust v Commissioner of taxation AATA 343 (20 March 2017), the AAT has held that an option fee paid by a developer do not form part of the consideration for acquiring the property for the purposes of calculating GST under the margin scheme…