Developer wants to remove margin scheme

Discussion in 'Legal Issues' started by MWB_Victoria, 29th Apr, 2020.

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  1. MWB_Victoria

    MWB_Victoria New Member

    Joined:
    29th Apr, 2020
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    Location:
    Victoria
    Hello, I purchased land off the plan and waiting for the land to be developed prior to settlement.

    The developer wants to remove the Margin Scheme from the contract.

    My understanding is that if I proceed to build on the land, then I will not be adversely impacted by the proposed change.

    However, if I sell the land (due to change in financial situation) immediately post-settlement, can removal of this Margin Scheme from the contract negatively impact me? I would be selling as an individual and not registered for GST.

    thanks
     
    MWB_Victoria, 29th Apr, 2020
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    I wouldn't be relying on my own understanding but seek legal advice.

    if you are mid contract what do you have to gain by amending it?
     
    Terry_w, 29th Apr, 2020
    #2
    MTR likes this.
  3. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    I query your view you can sell and GST isn't involved. Seek legal advice
     
    Paul@PAS, 29th Apr, 2020
    #3
  4. Stoffo

    Stoffo Well-Known Member

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    What's in it for you ?
     
    Stoffo, 30th Apr, 2020
    #4
    Terry_w likes this.