Property and Taxes – GST lessons for all property transactions

Disputes involving the Commissioner generally involve the question of whether GST is payable or whether the margin scheme can apply. Disputes involving the parties to the transaction generally do not involve the question of whether GST is payable, but rather as to who is to bear the ultimate liability for GST. That is, is the price specified on the Offer and Acceptance inclusive of GST or exclusive of GST?

The lesson for anyone contemplating any transactions involving property is clear – make sure all parties understand the GST consequences.

Source: moore-australia.com.au

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