SME Communicator - November 2011

Are you buying, selling or dealing with property?

For every property transaction you make, there may be a tax consequence which will need to be reported. This includes goods and services tax (GST).

To help you understand the GST implications for property-related transactions you make, we have released a new GST property tool. It is an interactive decision making tool - based on questions and answers - to assist you to correctly account for GST on property sales and other property-related transactions.

The topics covered within the tool include:

• sale, lease or purchase of real property, including
• residential premises
• commercial residential premises
• commercial premises
• vacant land
• claiming GST credits
• margin scheme eligibility
• GST-free supplies of real property.

To access the tool, refer to GST property tool.