All Topics / Legal & Accounting / GST

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  • Profile photo of dengondengon
    Member
    @dengon
    Join Date: 2007
    Post Count: 11
    April 20, 2009 - 11:48 am

    I have purchase land back in 2006 for the purpose of the development of 4 townhouses.
    I have finished construciton of 4 townhouses but only sold one.
    I have decided keep rest of 3 instead of selling in 2009 Feb.
    I have been claiming GST for the cost of construciton.
    The question is how much do I have to pay back this GST? I sold one so 3/4 of GST I have received?

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856
    April 20, 2009 - 10:37 pm

    There was a recent tax ruling on this issue – you will need to see the ATO website to find it. The reason being is that many developers like Meriton & Australand were having to rent their properties before finding buyers.

    Profile photo of tonyy21692tonyy21692
    Member
    @tonyy21692
    Join Date: 2003
    Post Count: 128
    April 21, 2009 - 7:32 am

    Pretty much it but there is a a few wrinkles to the cals that effectively reduce the amount – gets even more complex if you end up selling with in the 5 yr rule.
     
    Your accountant ought to have raised this,  unless you are self preparing you own BAS's……..

    good luck

    tony

Viewing 3 posts - 1 through 3 (of 3 total)

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