Hi
I have found an office I’m interested in buying and was told by the manageing agent that if the office has a proper current lease then I don’t have to pay GST when buying. If no lease then I pay GST.
The ATO booklet says buying an established and working business has no GST. Does this apply to buying property. Has anyone had experience with this
Thank you
MaxSounds about right. I recently purchased a commercial property as an “ongoing concern” and it was not subject to GST. It’s the way to go I reckon.A quick phone call to your accountant may reassure you.
I still registered for GST and got an ABN because I am collecting GST with the rent.
If commercial rental income including recovered outgoings is over 50,000 you have to register and collect.
Not paying GST on the purchase is a bonus because you dont have to finance an extra 10% and wait to get it back.MJK
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