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Developers - NSW Land Tax Exemption

Discussion in 'Accounting & Tax' started by Paul@PFI, 12th May, 2016.

  1. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

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    Sydney
    A March Supreme Court decision found in favour of developer / Builder Metricon with respect to land tax in NSW.

    Metricon acquired the land for future development as part of its "land bank". It left cattle grazing while millions were incurred in development activities. The dominant purpose of the land was considered by OSR to be other uses and not primary production. However the Court sided with the taxpayer and found the other dominant costs etc relate to future land use.

    So developers go out and buy a cow.
     
  2. Scott No Mates

    Scott No Mates Well-Known Member

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    Don't have a cow man! - Bart Simpson
     
  3. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,358
    Location:
    Sydney
    Tradies used to have a dog in their ute. Soon we may see a flock of sheep.