Recorded Webinar: GST Clauses in Property Contracts: Getting it Right

There have been many GST cases but by far the largest group are disputes over GST clauses. Getting them right is always harder than it seems: so often the parties either ignore the clause or they don’t even think about GST, and then trouble ensues. This presentation will examine the key issues in the light of the wealth of decided cases.

• Why you need a GST clause: what happens if you don’t have one.

• GST clauses in principle – what you need to cover – the straight forward case:

  • does the “price” include GST?

  • are the parties registered or required to be registered?

  • what is the status of the property

• GST clauses in standard form property contracts – tick the box contracts – problems in practice:

  • GST without the plus sign

  • GST inclusive clause – GST exclusive party behaviour

• Mistake and misrepresentation and their effect on GST clauses

• GST on settlement adjustments

• Margin scheme clauses

• Going concern clauses

• Conditional GST clauses – the South Steyne clause

• GST clauses and disputes as to whether GST is payable:

  • purchaser demanding a tax invoice – surprised vendor

• GST incorrectly included in the purchase price:

  • windfall gain to the vendor

  • can there be a refund for incorrectly paid GST?

  • can you demand a refund from the vendor?