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GST – Property Development

GST – Property Development

GST - Property Development There is only a liability to GST where: an enterprise is being carried on,the annual turnover is at least $75,000 ($150,000 for non-profit bodies) anda taxable supply is made. Therefore, when selling property there will be no GST liability...

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GST Property Traps

GST Property Traps

GST Property Traps The first issue to be resolved with any sale of real estate is whether there is a GST liability.  If there is, and none is collected from the purchaser and remitted to the Taxation Office (ATO), this is going to be an expensive exercise down...

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GST Margin Scheme

GST Margin Scheme

GST Margin Scheme Those registered for GST and making taxable supplies can reduce their GST liability by choosing to calculate GST on the margin of real property supply.  Under the margin scheme, GST is calculated on the supply as 1/11 of the margin on the sale. The...

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GST

GST

GST GST (goods and services tax) is ultimately paid by the end user at a certain rate on the supply of most goods and services. It is implemented by the collection of the tax at each step along a chain of transactions involving the supply of goods or services until...

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