gst

New GST withholding regime for property buyers

  The payment of goods and services tax (GST) in respect of certain new residential property sales has recently been turned on its head! Commencing 1 July 2018, buyers of new residential premises (other than commercial residential premises or new residential premises created through substantial renovation) or subdivisions of potential residential land (by way of

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GST and the sale of vacant land

  A frequent query from tax practitioners who contact Tax & Super Australia’s member-only helpline service is whether a sale of a vacant block of land would be subject to GST. In this worked example, we walk through a scenario where a taxpayer disposes of a vacant block of land on which residential property was

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Have your clients had a change in creditable purpose?

  Sometimes your clients may use a property they purchase in a way that is different to what they originally planned. Remind them that if they claimed GST credits for property purchases they now use to make input-taxed supplies, they need to report adjustments for this change in creditable purpose in their activity statement. For

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Client looking to buy a home? They may need to withhold and remit GST

  With the end of the financial year in sight, there is one more thing your clients will need to be aware of regarding changes to the tax landscape — especially those thinking of purchasing a residential property. From 1 July this year, buyers of new residential premises (or “potential residential land”) will be required

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