Paying Property GST
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What is the main topic discussed in this episode?
It's The Real Estate Podcast across every state, city and town of Australia.
And welcome to another episode of The Real Estate Podcast available on iHeartRadio every morning, also on Spotify and Apple and wherever you get your podcasts from. Well, welcome along to a Tuesday morning, the 19th of July for 2022. And coming up, we're talking GST.
When do you have to pay GST on property transactions?
When do you have to pay it on property? It's a good question. Sam Saad is back and he's going to be offering up some helpful tips. Talking of options, offerings, an opinion piece. This was written by Alice Stoltz a few days ago. This is Australia. Are we not better than this? Alice writes, encouraging first home buyers to think outside the box when it comes to investing in real estate. She says, look at the bridesmaids suburbs, those areas that sit snugly to where you want to live. Alice writes, we've suggested people weigh up the idea of rent vesting in a bid to get into the market and goes on to say we've suggested quashing the idea that your home has to be on a quarter acre block and that vertical living can be a brilliant alternative.
and that there are incentives currently on offer. A smorgasbord of everything from first home guarantee to the home guarantee scheme to support single parent families, the downsizer super contribution scheme, and then there's the news in June that New South Wales is looking to follow Canberra's lead with a plan to begin to reform stamp duty in the state. So Alice writes, so what's it going to take? How much more? has to happen australia's affordability issues became an affordability crisis which in turn trickled down to become a first home buyer issue which is now a first home buyer crisis and now the country's rental issues have become a full-blown rental crisis none of what has been done is enough this is australia
Are we not better than this? An opinion piece from a few days ago from Alice Stoltz.
It's the Real Estate Podcast across Australia, seven days a week.
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What is the ‘Going Concern’ exemption for commercial property?
And Benedict Cumberbatch, he is on the birthday books, turning 45 years. He has already done 91 films, and in 2007 he did a film called Atonement. Great film, by the way, if you haven't seen it. And he was relatively unknown at that point. So in the last 15 years, he has never looked back.
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What are the requirements for a sale to qualify as a Going Concern?
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Well we are looking at GST this morning which is a broad-based tax levied on most goods, services and other items sold or consumed in Australia. And GST applies on the sale of certain types of property in certain circumstances and importantly there are a number of exemptions that apply in relation to the assessment of GST when purchasing property. So let's talk through the steps of what you need to think about in this area. And we are looking at, in particular, a going concern exemption for a commercial property. And to help break it all down, we have Sam Saad, partner and owner of Clinch Long Woodbridge Lawyers at clw.com.au. Good morning, Sam. Welcome back to the Real Estate Podcast.
Morning, Craig. Thanks for having me back.
Firstly, let's look at an area within a property transaction that often has people confused, which is GST, and in particular, when GST applies to property negotiations.
Thanks, Craig. Look, GST is the amount of 10% that's added to the purchase price of a property when you buy it.
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:02–0:28
2
When do you have to pay GST on property transactions?
0:28–2:40
3
What is the ‘Going Concern’ exemption for commercial property?
2:40–3:27
4
What are the requirements for a sale to qualify as a Going Concern?
3:27–5:42
5
How does GST apply to commercial property sales?
5:42–6:47
6
What circumstances prevent the GST exemption from applying?
6:47–8:21
7
What common pitfalls do buyers face regarding GST on property?
8:21–9:21
8
How can engaging a lawyer help with GST in property transactions?
9:21–10:13
Speakers
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