All Topics / Legal & Accounting / GST – New Property

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  • Profile photo of elika7264elika7264
    Member
    @elika7264
    Join Date: 2003
    Post Count: 160
    September 11, 2004 - 3:28 pm

    Hi All,

    sorry if this topic has been raised before.[blush2]

    What are the GST implications of buying a new unit or townhouse.[8] What do I need to be aware of?[blink]

    Secondly, do the implications differ if you are/or are not registed for GST?[eh]

    Is there a web site explaining in layman’s terms the ins and outs of GST.[dunce2]

    Thanking you in advance.

    Regards,[cap]
    Helen

    Profile photo of crjcrj
    Participant
    @crj
    Join Date: 2004
    Post Count: 618
    September 11, 2004 - 10:05 pm

    If you’re buying a new residential property the developer will hvae to include GST in the price (but will have been able to claim Input Tax Credits on the GST paid for materials, contractors etc)

    As it is residential the purchaser will not be able to claim any GST back irrespective of whether they are going to live in it or rent it out as a residence) so it is irrelevant whether the purchaser is or is not registered for GST.

    crj

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