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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.

The Queensland Building and Construction Commission (QBCC) has confirmed that from 1 July 2022, licensees must provide the QBCC with General Purpose Financial Statements (GPFS) when either submitting a Minimum Financial Requirements (MFR) Report to adjust reported Net Tangible Assets (NTA) or Allowable Annual Turnover; or complying with annual reporting requirements (if licence categories 4-7). The changes mean that licensees wishing to adjust their NTA and/or approved turnover should ensure an MFR Report is signed before 31 October 2022 and lodged with the QBCC before 30 November 2022.

The Western Australian Government has recently handed down its 2022-23 State budget announcing a record $33.9 billion investment in infrastructure over the next four years. The significant investment in infrastructure will not only create a strong pipeline of future economic activity but will shape the way we live and move around the state.

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.

With only 3 weeks remaining in the financial year, builders should immediately test their compliance with the Queensland Building and Construction Commission’s (QBCC) Minimum Financial Reporting Requirements (MFR) to ensure there is enough time to rectify any deficiencies before FY22/23 year end.

A foreign real estate buyer has been penalised $250,000 by the ATO after purchasing Australian residential properties without being authorised by the Foreign Investment Review Board (FIRB). It was found that in addition to owning two established properties that were also in breach, the investor had purchased a further four unauthorised properties.

The Queensland Government has today announced that the implementation of phases 3 and 4 of the Project Trust Account framework will be delayed by 9 months.

Despite facing industry wide challenges, private developers and not-for-profits are attempting to combat the housing affordability crisis. What could the Government do in the Budget to create more affordable housing?

Builders with projects in Queensland who are impacted by the requirement to operate PTAs on each project they undertake should be preparing their business for the administrative burden of managing this additional regulatory compliance.

Builders undertaking projects in Queensland should ensure that they are compliant with two significant regulatory requirements that fall due over the New Year period: 1) The roll-out of the Project Trust Account regime to commercial projects; and 2) Annual Financial Reporting to QBCC demonstrating compliance with the Minimum Financial Requirements.

We explore the different market segments in the construction industry during the COVID building boom to better understand the profile of industry participants most likely to feel the sting of continuing supply chain pressure.

Under current law, GST is included in the purchase price of new residential premises and new potential residential (vacant) land, with the supplier/developer required to remit that GST to the ATO in their Business Activity Statement for the tax period in which the supply occurs - usually on settlement.