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Hi MTR, Did you get any feedback from your accountant ? Just curious to know as it will apply to me also at some point. Rooky.

Hi MTR, You are entering transaction 2 times. First when you purchase site and second when you sale units. From whom you purchase site, determines whether yoy can use margin scheme when you sale completed units or not. Looks like you have purchased residential site. So I guess you will be...

Using margin scheme is good for developers. Otherwise when you sale units, will have to pay 10% or so of entire sale proceed which will for most part time developers, take away half of the profits. If you use margin scheme, you will pay GST of 10% only on your profit margin and hence name margin...

Either your accountant has not understood your scenario properly or you need to start getting second opinions about his advice. I would think he has not got entire situation in enough detail.

I am 100% sure, it's sellers thing. You have to worry about it when you sell units. Have a look at following. https://www.ato.gov.au/Print-publications/GST-and-the-margin-scheme/?page=2#Using_the_margin_scheme_when_you_sell_property It reduces your GST amount payable when you sell...