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PROPERTY TRANSACTIONS & GST

Are your suppliers registered for GST?

 

Did you know you can't claim GST credits on purchases if your suppliers aren't registered for GST, even if you received an invoice with an ABN and a GST amount on it?

It pays to be careful, so why not check your suppliers' GST registration on the ABN Lookup tool, which can be accessed via our website or the ATO App.

There are also some property transactions where you can't claim any GST credits, for example, buying a property via the margin scheme. Understanding the rules for GST and property can help you avoid making expensive mistakes.

If you're eligible to receive GST credits on a property transaction, you can claim them when you lodge your Business Activity Statement (monthly or quarterly) or an annual GST return.

Next steps:

Find out about:

Please phone our office today if you have any questions

Source  :  https://www.ato.gov.au/Newsroom/smallbusiness/GST-and-excise/Are-your-suppliers-registered-for-GST-/

 

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