Tom is a Property Developer - Case Study - Law Assignment Help

Assignment Task

Question 1
Tom is a property developer and has a turnover of $500,000 per year. In August 2018 he purchased a residential property 4 Mary Lane, Sydney for $550,000 from Peter, who had lived in the property for the last 20 years. Peter then purchased a new residential property in Cremorne for $1.1 million from JD Developers Ltd, the largest developer in NSW. Peter then lived in the property but also continued, in the home, his small enterprise relating to rare stamps.
Tom demolished the Mary Lane building and built two new residential home units (Units 1 and 2) for $440,000 each. In May 2019, Tom entered into contracts to sell the home units to Bob and Jane separately.

The contracts provided that the margin scheme applied in each case and that the consideration for the sale of each unit for $2.2 million. A 10% deposit was payable on the signing of the contracts and the balance was payable on settlement in July 2019. Settlement for Bob’s unit proceeded as planned. However, settlement of Jane’s unit fell through, as Jane was unable to obtain finance. As a result, the deposit paid by Jane was forfeited in July 2019.

Discuss the GST implications of the above facts.
If facts are assumed state those facts clearly.

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