Importing goods worth $1,000 or less?

Importing goods worth $1,000 or less?

Overseas businesses that meet the GST registration threshold (A$75,000) will be required to charge GST on goods purchased from the 1 July 2018. Specifically, GST will be charged on goods that are: – less than A$1,000 (low-value); – not GST-free (i.e., alcohol or...
GST at settlement

GST at settlement

As of 1 July 2018, purchasers of new residential premises or potential land are required to withhold an amount from the contract price and pay the amount to the ATO before settlement. A supplier (vendor, seller) of residential premises or potential residential land...
Changes to GST payments at settlement

Changes to GST payments at settlement

Buyers of new residential premises or subdivisions of potential residential land will need to pay the GST component of the purchase price to the Australian Tax Office (ATO) as of 1 July 2018. The amount of GST will not change. This change does not affect the sales of...
GST – Property Development

GST – Property Development

GST options on sale 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) and a taxable supply is made. Therefore, when selling property there will be no GST liability unless...
GST Property Traps

GST Property Traps

Traps in determining whether there is a GST liability 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...
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 margin scheme is...