All Topics / Legal & Accounting / GST Paymet

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  • Profile photo of ThomasWAThomasWA
    Member
    @thomaswa
    Join Date: 2010
    Post Count: 2
    December 3, 2010 - 4:39 am

    Hi Everyone

    I have a question regarding GST payment, I have purchased a block of land over a year ago and have subdivided it into 2 separate Green Title blocks, I bought the block under my name.  I am now started building 2 homes, one house on each block whith the intention of selling the 2nd home and living in the 2st one. 
    I am registered for GST and pay my BAS every quarter but thats for my IT business, does anyone know if I have to pay GST on the sale of the 2nd house and if so can I claim GST Credit for the 2nd land and building costs.
    Many thanks

    Tom

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856
    December 3, 2010 - 8:29 am

    if the ownership of the property & business are in the same entity eg your name, Then you should be able to claim the gst inputs & offset it against the gst inclusive sale price.

    Profile photo of ThomasWAThomasWA
    Member
    @thomaswa
    Join Date: 2010
    Post Count: 2
    December 4, 2010 - 3:02 am

    Thanks Scott,

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