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Notes Online Home 2018 Tax Schools Day 2 Major income tax and GST developments for property in 2018
ATO issues landmark ruling on property developers undertaking long-term contracts
In this segment of the notes we discuss the ATO issuing a landmark ruling on property developers undertaking long-term contracts by exploring the following questions:
- When is a property development regarded as a long-term construction contract?
- What methods are available for the recognition of income under long-term construction contracts?