Business Services Industry
Developers on warpath over taxman's latest GST ruling.
Australasian Business Intelligence, April, 2006
Byline: Maurice Dunlevy
Apr 26, 2006 (The Australian - ABIX via COMTEX) -- KPMG Australia has interpreted Australian Taxation Office (ATO) rulings on the "margin" scheme. Under the scheme, residential property developers pay goods and services tax (GST) on the sale of new homes and apartments. The scheme taxes the value added to the property either since it was bought or since the GST was introduced, rather than taxing the full sale price of the properties. This has resulted in disagreements between the ATO and developers over property valuations. KPMG tax partner, Lachlan Wolfers, said the effect of the ATO rulings is that the margin scheme will continue to tax people, even though they had not necessarily made a profit. Wolfers said the rulings indicate...
Most Recent Business Articles
- Multiple criteria evaluation and optimization of transportation systems
- Multi-criteria analysis procedure for sustainable mobility evaluation in urban areas
- A two-leveled multi-objective symbiotic evolutionary algorithm for the hub and spoke location problem
- Multi-criteria analysis for evaluating the impacts of intelligent speed adaptation
- The development of Taiwan arterial traffic-adaptive signal control system and its field test: a Taiwan experience
Most Recent Business Publications
Most Popular Business Articles
- 7 tips for effective listening: productive listening does not occur naturally. It requires hard work and practice - Back To Basics - effective listening is a crucial skill for internal auditors
- FAS 109: a primer for non-accountants - Financial Accounting Standards Board's "Statement 109: Accounting for Income Taxes"
- LIFO vs. FIFO: a return to the basics
- Design a commission plan that drives sales - Sales Commissions
- Too Young to Rent a Car? - 25-years-old the minimum age for car renting - Brief Article
