GST in Commercial Property

Viewing 6 posts - 1 through 6 (of 6 total)

yihchanlau
Member
@yihchanlau
Join Date: 2012
Post Count: 1
November 7, 2012 - 4:14 am
Hi Guys,
My wife and I submitted an offer for a commercial property on 5/11/12 (the seller accepted our offer on the same day), with both of our names on the offer. Before our purchasing, we don't have an ABN or GST registered against us. We would like to get the GST back from the purchase of the property. Here is what we've done, can you please give us some suggestions on whether we are on the right track:
On 6/11/12, I registered a family partnership ABN in order to match the names on the contract. However, I set the ABN effective date same as the date I registered it (6/11/12).
On 7/11/12, I registered a TFN for our partnership and am currently waiting for the TFN so that I can register our GST.
What else do I need so that I can claim the GST back?
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
November 7, 2012 - 9:38 am
You should get some advice as if you stuff it up you will lose a big amount.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Jacqui Middleton
Participant
@jacm
Join Date: 2009
Post Count: 2,539
November 7, 2012 - 9:46 am
Talk to a good solicitor immediately.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone Me
VIC Buyers' Agents for investors, home buyers & SMSFs.
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
November 7, 2012 - 9:52 am
And look at the contract carefully.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Scott No Mates
Participant
@scott-no-mates
Join Date: 2005
Post Count: 3,856
November 7, 2012 - 12:12 pm
I’d suggest seeing your accountant asap to confirm that you have met the ato’s conditions for release of gst.
Kohlhagen Group
Member
@kohlhagen-group
Join Date: 2011
Post Count: 58
November 9, 2012 - 4:50 am
Far out! So many issues with 10% of the purchase price at stake.
Like Scotty says go see your accountant asap.
Issues you should be discussing with your accountant;
Are you required to be registered for GST?
Should you have back dated your registration to 5 Nov 12, can this still be back dated?
Did you register for GST on a cash basis or accruals basis?
Was the margin scheme used?
Did you purchase the commercial property as part of a going concern?
Per the ATO;
You cannot claim GST credits if any of the following apply:
- the seller used the margin scheme to work out the GST included in the price
- you purchase property from someone who is not registered or required to be registered for GST
- you purchase the property as a GST-free supply
- you are not registered or required to be registered for GST.