Hi, just like to get some opinions from you guys.
I have a builder who has agreed to carry out some renovations work for a house I recently purchased. He has quoted me an amount which doesnt include GST, that’s if i pay cash(somehow) and he won’t issue receipts.If you want a receipt then GST must be issued.~~
Should I go cash or get receipts..Thanks guys[suave2]
I think we can all understand the attraction of paying cash and avoiding an additional 10% even if it is a fraudelant act on his part. (Paying cash certainly is legal).
Away from this i would ask you what happens if there is a problem with the renovations he will not come back to rectify the problem and the BSA will not want to know as they was no formal Contract or evidence of the work taking place.
You don’t mention whether the property is a PPOR or an IP as if it is an IP you should be able to claim the expense or add it to your capital cost base depending on the type of work carried out.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner.
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
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