The sale of a property has GST implications and, potentially, income tax consequences. The GST implications can catch out those who are not fully conversant with how the GST laws apply. A recent AAT decision held that, for the purposes of the GST law, all of the consideration in relation to the sale of a property was received by the taxpayer at the time of settlement on May 16, 2008, despite not all the consideration...
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by Shannyn HunterConveyancer shannyn@lawyersconveyancing.com.au Lawyers Conveyancing Since the State Revenue Office (SRO) made changes to the stamp duty payable on property purchases earlier this year, many clients have contacted us with questions about how much stamp duty they will pay, where to get the form for a concession and where to send it. Previously, when clients asked for help they were directed to their bank (if they were getting a loan), because their bank calculates the...
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