SME Communicator - June 2012

Check your property transactions

You may need to make a GST adjustment on your June activity statement if both of the following apply:

• You previously claimed an input tax credit for the GST you paid on a business asset you purchased.
• You used your business asset differently to the way you originally intended.

For example, you may need to make an increasing adjustment of your GST liability if you claimed input tax credits when you constructed new residential premises to sell, but then decided to rent out the premises or use the premises for private purposes.

For more information and property help, refer to:

• GST and property adjustments (NAT 73602)
• GST and property (NAT 72957)
• Property.