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  • GST groups - property credits

    GST at settlement occurs when you sell certain types of property. You need to ensure the supplier details in your notification you provide to purchasers are correct. The supplier is the entity that has the GST liability. They may be different to the vendor of the property listed on the contract.

    If you are a member of a GST group, one member of the group (the representative member) completes business activity statements (BAS) and accounts for GST on behalf of the whole group. The Australian business number (ABN) of the representative member should be the number provided to the purchaser.

    In some cases, incorrect details have been provided. This has stopped credits from being offset against GST liabilities when BAS have been lodged.

    Timely processing of credits will only occur when you follow all the steps below.

    1. Provide correct supplier details to the purchaser, including your name and ABN and withholding amount (and those of any other suppliers).
    2. The purchaser needs to enter the supplier details you provide into form one GST property settlement withholding notification.
    3. The purchaser needs to pay the withholding amount and lodge form two GST property settlement date confirmation.
    4. We will allocate a credit to your GST property credits account if this matches the details provided in form one.
    5. You then need to lodge your BAS declaring the property transaction.
    6. We will process your BAS and the credits are transferred to your activity statement account.

    Be aware that incorrect supplier details can delay your access to credits and may require a validation check. If you are affected, you or your representative may receive a call from us to confirm the correct supplier details.

    Viewing GST property credits

    The GST property credits account can be viewed on:

    • ATO online services for individuals and sole traders
    • ATO online services for agents
    • Business Portal.

    The account isn't available on the Tax and BAS Agent Portals.

    Next steps:

    Last modified: 27 Mar 2019QC 57267