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The accounting method is not relevant for tax purpose.
From tax point of view, if this is a profit making undertaking, or carrying a business of property development, then the gain will be taxed on revenue account.
If the taxpayer is not carrying on a business, then net profit approach shall be used. Under the net profit approach, the acquisition of the land and the development costs will be capitalised. The taxpayer will need to include the net profit on the project in the assessable income in the year of sale.
Where the net profit approach is used, the development expenses incurred are offset against the gross proceeds on sale and the net profit is assessable as income at settlement.
Holding costs (eg, rates, interest, insurance) are deductible when incurred and do not form part of the net profit calculation. The development expenses (architect fees) are not deductible when they are incurred; instead they are carried forward and used to determine the net profit in the year of sale.
If the taxpayer is carrying a business of property development, then properties shall be treated as "trading stock" for accounting purpose. However, it will be the same for tax purpose.
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