GST in Podcasts
conceptAustralian tax on goods and services, including property transactions, levied at 10%
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Mentions in Podcasts
If there's part of it that's not GST free, then you have to pay an amount of GST on top of the portion that doesn't have a lease over it.
If part of the premises has got a lease and the other part doesn't, then the property can be apportioned to only be part GST free.
Another situation is if it's intended that a going concern is a leasing enterprise, the lessor and the lessee are the same entity, that won't allow you to do a GST exemption.
and the vendor terminates the lease before settlement, this could lead to GST being payable on settlement.
So even though they're guaranteeing the rent to be paid for a certain period after the tenancy commences, they won't be able to claim that GST exemption.
Number two, sometimes people offer, some vendors offer a rental guarantee, but that's not sufficient for a GST exemption to apply.
Number one, if there's no lease on the property and it's being sold vacant, the GST exemption unfortunately doesn't apply and you'll have to pay GST on top of the purchase price.
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