One of the unique features of Australia's GST is the margin scheme applicable to supplies of immovable property, which has important implications for property transactions and GST revenue, particularly since these transactions generally involve large investments. The margin scheme did not only...

Given that VAT/GST systems are primarily designed for the purchase of goods or services that yield immediate consumption, or consumption over a limited period of time, they do not cope well with goods that are consumed over a long, or indefinite, period. The classic example is a personal...