In January 2012 the ATO published the GST Property Tool on its website – the tool can be accessed here.
The website describes the tool as follows:
|The GST property tool is designed to help you determine the GST implications for property-related transactions you make. This product is an interactive decision making tool based on questions and answers. It will assist you to correctly treat and report GST on property sales and other transactions.
The topics covered within the tool include:
- sale, lease or purchase of real property, including claiming GST credits
- residential premises
- commercial residential premises
- commercial premises
- vacant land
- margin scheme eligibility
- GST-free supplies of real property.
The interaction between GST and real property continues to pose real difficulties for clients and practitioners, and one can hope that a resource such as this may serve to alleviate some of those difficulties.