Australia: Property Developments, Going Concerns, Ongoing Problems

This paper was presented by Scott McGill at the recent 2nd annual GST conference for Television Education Network.

The purpose of the paper is to address and encourage discussion on the issues in practice in applying the GST-free going concern provisions in Division 38¹ specifically in the context of property transactions where problems regularly arise.

You cannot however consider these provisions without encompassing the linked and seemingly not well known Division 135 which provides only for an increasing adjustment² in certain circumstances.

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Footnotes

¹Section 38-325 - A New Tax System (Goods & Services Tax) Act 1999 ('GST Act')

²Section 135-5(1) - GST Act

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