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NEIL WARREN considers the VAT complications that can arise in such an endeavour
KEY POINTS
- Different rates of VAT can apply to building work.
- Choosing the most advantageous VAT rate.
- Do not assume that a contractor’s VAT rate will also apply to a subcontractor.
- The difference between an extension and an annex.
- Is a new dwelling a separate dwelling?
As some of you may know I am not a fan of the Australian tax system. Instead of our VAT the country operates an equivalent indirect tax called GST (goods and services tax); however this is to put it bluntly horrendously simple. In basic terms it’s 10% on everything.
How GST consultants can ever make a decent living is beyond me. There are no complications such as the partial exemption land and property challenges complex zero ratings...
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