Improving the integrity of GST on Property Transactions
The submission to the Treasury’s consultation on Improving the Integrity of GST on Property Transactions, including in relation to the Exposure Draft Inserts for Treasury Laws Amendment (2017 Measures No. 9) Bill 2017: TSY/45/248 Real property transactions (Exposure Draft) and Exposure Draft Explanatory Materials – Withholding GST from Property Transactions (Draft Explanatory Materials) was prepared by the Law Council.
The Law Council is grateful for the assistance from the Property Law Committee from the Legal Practice Section, the Taxation Law Committee from the Business Law Section and the Law Society of New South Wales.
This submission addresses a number of matters which are of importance to the Law Council in the discussion questions identified in the Exposure Draft and Draft Explanatory Materials.
The submission comprises the following parts: general comments (primarily from a property law perspective) on the new measures; specific comments on the Exposure Draft including matters which appear not to have been sufficiently addressed in the Exposure Draft; further comments from a specialist taxation law perspective; and an attachment (based on the work of the Law Society of New South Wales) which sets out in more detail the Law Council's views on relevant sections of the Exposure Draft and outstanding issues which should be addressed before the passage of the legislation.
You can read the full submission below.