Get Your GST at Settlement Right: Important Steps for Property Buyers and Sellers

• GST at settlement is the amount withheld from the contract price of new residential premises or potential residential land
• It applies to property buyers and sellers who are required to report property GST sales in their business activity statement (BAS)
• To get your GST at settlement right, notify your purchaser about the withholding amount before settlement occurs
• Report all property sales and GST on sales on your BAS in the reporting period of settlement
• After reporting and lodging your BAS, you can claim the withheld GST credits
• Incorrect reporting may result in the retention of your refund and penalties
• You can view your GST property credits online through Online services for business or individuals and sole traders
• Seek advice from a registered tax or BAS agent or visit the website for more information on correctly reporting and selling property.

Source: ato.gov.au

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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