The ATO on Wed 12.11.2014, issued Draft GST Ruling GSTR 2014/D5 which explains the GST treatment of particular transactions arising in the context of development lease arrangements entered into between government agencies and private developers. It broadly states that the identification of the supplies that are made for consideration arising under a development lease arrangement turns on the specific terms of the particular development lease arrangement.
DATE OF EFFECT: When the final GST Ruling is issued, it is proposed to apply on and from its date of issue.
COMMENTS are due by 9 January 2015. ATO Contact: Sheree Clancy and Jo Steward – Tel: (07) 3213 6205 and (07) 3213 6253; Fax: (07) 3213 5061; Email: sheree.clancy@ato.gov.au and j ohanna.stewart@ato.gov.au.
[LTN 219, 12/11/14]