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The City Sky Co is a property investment and development company. Recently the company purchased a...

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Accounting

The City Sky Co is a property investment and developmentcompany. Recently the company purchased a vacant piece of landsouth of Brisbane on which it is planning to build 15 apartments tosell. The City Sky Co has engaged the services of the local lawyer,Maurice Blackburn, to provide the legal services required for thedevelopment for $33,000. Maurice Blackburn runs an established soletrader business and turns over revenue of $300,000 per year. AdviseThe City Sky Co of the input tax credit entitlements that they maybe entitled to. Assume that The City Sky Co is registered for GSTpurposes.

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Since City Sky Co is a registered company it will be eligible for availing input tax credit wherever applicable Company has purchased a vacant piece of land south of Brisbane and it is planning to build 15 apartments to sell Land is an immovable property it is neither a good nor a service hence it does not fall under    See Answer
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