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ATO's draft GST Determination for Margin Scheme Valuations may soon require property developers to obtain new or ‘confirmed’ valuation reports to support the application of the margin scheme for sales of real property that occur outside of the three-month transitional period. Read more about the impact on businesses and the property market.

The ATO has released a draft Margin Scheme Valuation Requirements Determination for comment. While it’s substantially similar to the current determination, its differences may cause issues for property developers.

From 29 September 2022, the temporary halving of fuel excise announced as part of the FY22/23 budget will end.

As the financial year draws to a close, now is the time for property developers to review their projects and determine whether there has been a change of intended or actual use of any residential premises which may require a GST adjustment under Division 129 of the GST Act.

The uncertainty around availability of fuel has seen fuel prices soar across Australia.