Auctioneers must be crystal clear on GST on property sales.

0 Comments | M2 Presswire, July, 2005

M2 PRESSWIRE-13 July 2005-ACCC: Auctioneers must be crystal clear on GST on property sales(C)1994-2005 M2 COMMUNICATIONS LTD RDATE:13072005 Auctioneers must make it crystal clear to all bidders if bids are being taken on a GST-exclusive basis, the Australian Competition and Consumer Commission Chairman, Mr Graeme Samuel, has warned.

"Auctioneers and vendors who fail to ensure this may face significant consequences under the Trade Practices Act 1974", Mr Samuel said. The ACCC has accepted court-enforceable undertakings from the Manningham Real Estate Pty Ltd, trading as Barry Plant Doherty, relating to the auctions of three allotments of residential land in Melbourne. The land was sold on behalf of the Manningham City Council. In March 2004, the ACCC...