GST only applies to the sale of certain property types (for example, vacant land, new residential premises, commercial premises) if the vendor is registered or required to be registered for GST purposes.
Even if you are not in business, if the turnover from your property transactions and other transactions are more than the GST registration threshold and your activities are regarded as an 'enterprise' you may be required to register for GST (for example, if you buy land with the intention of developing it for immediate resale at a profit).
Next step:
Find out if you need to register for GST when dealing in property.
What is property?
Instead of using the technical term 'real property', we are using 'property' as that term is more commonly used in the community.
Property can be:
land
land and buildings
an interest in land, rights over land or licence to occupy land.
The GST treatment of property varies, depending on the type or purpose.
Find out about:
Applying GST to property
Residential premises
Commercial residential premises
Commercial premises
Retirement villages
Farmland
About Authors :
Swan Partners is a progressive service provider dedicated in providing high quality tax consultancy, accountant in victoria park, bookkeeping service in perth, Tax Accountant in Perth and accounting services to individuals, sole-traders, partnerships, trusts, and companies.
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