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phone CFL Financial 07 3328 8988
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ATO cracking down on developers avoiding GST

Posted on Feb 6, 2018 by CFL Financial

This year, the Australian Taxation Office has placed a greater focus on property developers and are particularly watching company directors with a history of GST obligations avoidance.

As of May 2017, the Government announced new requirements on those purchasing newly constructed residential properties or new subdivisions to remit the GST directly to the ATO as part of the settlement process. The ATO has placed a strong emphasis on making sure this occurs legitimately, ensuring property developers do not get away with failing to meet their GST obligations.

These proposed requirements were addressed in consultation in November 2017 and are to be implemented as of 1 July 2018. The impending changes will mean that developers no longer have a three-month period to remit GST; hence they no longer have time to be dishonest and avoid GST evasion through phoenixing.

For contracts already entered into, there will be a two-year transitional period, allowing developers involved in these contracts a grace period to adjust to the extensive reforms. Contracts entered into prior to 1 July 2018 will not be affected by these reforms, provided they are settled prior to 1 July 2020.

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Retirement-in style

Retire in style checklist™

There are a few reasons why Business Owners need a Retire In Style Checklist

If you’re a successful and Motivated business owner, and want to set yourself up for retirement, this guide would be perfect for you. My clients who follow these 3 simple steps live with comfort, security and the peace of mind that financial success brings.

Retirement-prosperity-thumbnail

The Retirement Prosperity Guide™

Make sure you don’t miss out on the Retirement Prosperity Guide

If you’re a busy Professional and you feel like you’re not building your wealth fast enough and you want smarter ways to utilise your cash flow, this guide is perfect for you. Clients who have used our strategies have the peace-of-mind knowing they have a ‘game plan’ for financial abundance.

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Phone: 07 3328 8988
Fax: 07 3328 8999

Office Location:
Level 9, 360 Queen Street
Brisbane
QLD 4000

Postal Address:
GPO Box 2468,
Brisbane,
QLD, 4001

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