Hi, I’m new to all this and am in the process of buying my first two properties and noticed on the contract that the GST was included in the price. Now in business of which I do own one, we can claim back the GST component of a sale to off set against purchase’s, is this so with the purchases of investment houses. I’ve looked at the ATO site and they don’t seem to have any info there
Thanks
Helenare you just buying and reselling – or do you mean you want to buy the property, hold it long term and claim the GST back?
http://www.megainvestments.com.auExtensive list of ‘Off The Plan’ property available for sale in Perth.
John – 0419 198 856
It will depend a bit on the market, both have good rentails and give a good return, even so, I am looking at doing some inprovements over the short term and put them back on the market so as to capayilive on them and in turn buy more properties and expand my portfolieo. My aim is to pruchase 5 properties the fiscal year
Helen
Just read my answer, boy am I tired, the spelling is grouse, sorry about that, I hope that you can make it out ok
HelenDoes no one have an answer to this? My understanding is that if it is no longer selling inventory then you have to pay the GST over on it, but don’t know the actual requirements of what makes you do this…
http://www.megainvestments.com.auExtensive list of ‘Off The Plan’ property available for sale in Perth.
John – 0419 198 856
I too have been seeking info on this aspect of IP… stamp duty and GST.. it is a lot to cop on a $1.3m property… is this double taxing?
Havinf just sat through a Tax seminar for Australian Property owners offshore it seems there are plenty of options around, both onfshore and off for getting GST reduced, you will need to speak directly to a Tax specialist though. I have one contact in WA who would be able to answer tax questions, if you do contact him tell him Adam from HK sent you if you would:
John De Rosa: [email protected] (08) 9246 5230
If anyone is an offshore Aus then I throughly recommend getting in touch with ATS based out of singapore as his grasp of TAa opportunities whilst abroad seems truly comprehensive, drop me an e-mail if you want contact details.
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