The margin scheme ultimately determines the calculation of the GST. The way we were able to be ultimately successful in objecting to the ATO’s punitive outcome is an important example of how to face an audit and manage the financial accounting of any property development. They were facing the imminent impact of a costly payment in GST, tax audit penalties, and potential litigation. The ATO carefully scrutinizes the proper application of this scheme, and can launch an audit when they feel mathematical calculation under the scheme has inappropriately deferred or reduced the GST payment.Ī recent client came to Calibre Business Advisory under the pressure of such an audit. Property developers rely on the margin scheme to reduce the impact of the GST on property sales. In a tumultuous property market, every dollar counts.
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