Property development and tax


The ATO seems to be always looking over the shoulder of property developers to make sure they are complying with their tax obligations.

The considerations facing the ATO can include whether an agreement to develop and sell land is a "mere realisation" or a disposal either in the course of a business or as part of a profit making undertaking or plan.

A "mere realisation" is a sale on capital account to which the capital gains tax (CGT) rules will generally apply. Landholders will usually seek this treatment if they can access CGT concessions (for example, applying the appropriate CGT discount or the small business CGT concessions) or the property is a pre-CGT asset.

Read more in our latest Newsletter

Welcome to JBG Accounting's monthly tax and superannuation newsletter - you should find the information interesting, informative and easy to read.

© Content in partnership with

Taxpayers Australia

Recent Posts
Archive

© 2020 JBG Accounting                         
  

Liability limited by a scheme approved under Professional Standards Legislation

02 4088 8008

0414 729 436

2/50 Regent Street, New Lambton, NSW 2305

  • LinkedIn - Black Circle
  • Facebook