[moved] Question for Developers

Viewing 5 posts - 1 through 5 (of 5 total)

fullout
Member
@fullout
Join Date: 2003
Post Count: 233
June 1, 2004 - 6:38 am
Does a property developing company need to apply for GST? Any thoughts?
***********************
Tools
Participant
@tools
Join Date: 2003
Post Count: 363
June 2, 2004 - 9:05 am
Hi Fullout,
I am no accountant,but I think you will find that if your turnover is more than $50,000 then you have to,but if it is less than 50,it is optional.If you don’t register ,however,you will not be able to claim back any GST paid on purchases.
Tools
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
July 27, 2004 - 11:59 am
Tools in one.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au
There is no such thing as a problem.
Just a solution waiting to be found
Richard Taylor | Australia's leading private lender
PeterComben
Participant
@petercomben
Join Date: 2002
Post Count: 16
July 29, 2004 - 6:08 am
For each project I do (and we’re not talking insignificant projects here), I register separately for GST. This makes it much easier to manage this difficult tax issue.
By this I mean that the project has its own business name and ABN. Check with your accountant about this “”structuring”.
Peter.
—
Peter Comben
http://www.smartpropertydevelopment.com.au
agent smith
Participant
@agent-smith
Join Date: 2003
Post Count: 22
August 4, 2004 - 11:54 am
Hi there Peter,
Sorry to get off track here but does this mean that each of your developments is kept in a separate company name? If not, in what structure do you generally hold your projects?
Thanks in advance.[biggrin]