Small-scale property developers subdividing their land to build granny flats or apartments are being targeted by the Australian Taxation Office (ATO) for unpaid goods and services tax, according to industry specialists.
The unpaid GST could be nearly 10 per cent of the development’s final value, plus fines of up to 25 per cent of the outstanding amount and interest.
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Duncan Hughes is a Walkley award-winning personal finance reporter, based in our Melbourne newsroom. Connect with Duncan on Twitter. Email Duncan at duhughes@afr.com.au