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These notes are intended to be a guide only. None of the comments contained in these seminar notes are intended to be advice, whether legal, financial or professional. You should not act solely on the basis of the information contained in these notes because many aspects of the material have been generalised and the tax laws apply differently to different people in different circumstances. Further, as tax and related laws change frequently, there may have been changes to the law since the notes were written. Specific advice should always be obtained from a tax professional.
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Notes Online Home 2024 NTAA's Tax Guide to Common Property Developments Understanding the tax implications of developing property
How is Property Classified for Tax Purposes?
In this section of the notes we look at how property is classified for tax purposes, more specifically:
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What is a property development business?
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What is a profit-making scheme?
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What is a mere realisation of a capital asset?
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The CGT withholding provisions potentially apply to all vendors of
Australian real property