Entries by Tony Dimitriadis

Can you avoid the GST pitfalls?

Many of the pitfalls that you could be faced with as the property developer can be avoided by asking some key what, who, how and why questions in the early stages. Many of these pitfalls begin with the acquisition and in particular the contract of purchase. Things like: Is the

How do business losses affect GST?

The ATO identifies a profit motive as one of the key indicators of an intention to carry on an enterprise. For this reason, the ATO places heavy emphasis on the achievement of profits. A business that consistently operates at a loss and does not have a reasonable prospect of achieving

Do you need to register for GST?

If you are carrying on an enterprise you are entitled to register for GST. When your GST turnover exceeds the turnover threshold, you must register for GST. An ‘enterprise’ includes activities done as part of an ongoing business and one-off activities that share the characteristics of a business dealing (such

Property development and GST

There are many Goods and Services Tax (GST) implications for property development businesses and, without a good working knowledge of these implications, you may find yourself in a tricky situation. Under the GST Act, an entity is liable to pay GST on ‘taxable supplies’ that it makes, and it is