SMSF News - edition 22

GST treatment of new residential premises

Changes to the goods and services tax (GST) treatment of new residential premises became law on 21 March 2012.

The changes include:

• sales by developers of residential premises constructed under certain arrangements, sometimes called 'development lease arrangements', will be taxable supplies
• clarification of the subdivision or strata-titling of new residential premises.

If you are affected by the changes, you may need to revise your activity statements lodged since 27 January 2011.

For more information, refer to Goods and services tax treatment of new residential premises.