With the mandate for greater urban density in the Perth metropolitan area, many have taken the opportunity to embark on development projects and the tax consequences attaching to these projects are not straightforward. The development projects may include:
- One-off projects - Subdivision of the main residence - Building multiple units on vacant land
- Larger projects - Subdivision of land - Sale of a large number of lots
The participants in these development projects often ignore the tax implications, with the mistaken belief that exemptions may apply. This can often result in significant tax liabilities. This session will help you identify the income tax, GST and stamp duty issues that you need to be aware of when considering both small and large development projects.
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