Original article by Duncan Hughes
The Australian Financial Review – Page: 10 : 4-Dec-17
Changes to the goods and services tax treatment of property transactions are due to take effect on 1 July 2018, although they must first be passed by parliament. They are aimed at preventing a practice known as "phoenixing", whereby developers close their business before they have settled their GST obligations, and start up another entity under a different name. The changes are tipped to boost GST collection by $A660 million over four years, but developers are concerned that they will face more red tape and greater compliance costs.
AUSTRALIAN TAXATION OFFICE, FEHILY ADVISORY