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  • GST at settlement – suppliers to report sales

    We have noticed some common errors made in activity statements since the introduction of GST at settlement on 1 July 2018. Check you and your clients understand the reporting requirements, and are correctly completing activity statements when reporting property sale information.

    Report property sales

    The new GST at settlement law does not affect a supplier’s obligation to lodge their activity statement and report their GST liabilities on taxable supplies.

    Remind your clients they must report property sales in the activity statement period in which settlement occurred at label G1 Total sales and at label 1A GST on sales.

    What to report at label 1B

    At label 1B GST on purchases you or your client must report the total amount of GST credits (including any adjustments) the supplier is eligible to claim.

    Do not report GST that has been withheld at settlement and paid to us by the purchaser.

    A credit for the amount the purchaser withheld and paid to us will appear on the supplier's activity statement account once the supplier's activity statement is processed.

    You can view GST property credits in Online services for agents.

    Amendments to correct errors

    If you or your clients make an error on an activity statement, including incorrectly reporting or omitting property sale information, you or your client must amend the activity statement to correct it, to avoid potential penalties.

    See also:

    Last modified: 12 Mar 2019QC 58203