yeah ace we are applying the margin scheme on the project so should be able to save 70k on gst I think
to apply the margin scheme you must be registered for gst
and on the front page of contract tick the yes box to apply the margin scheme
the accountant has advised there are a few bits and...
hi guys
unit 1 has been sold 1,150,000
now we are waiting to get tax advice on Monday will call the accountant to see if we can spread the 2 units over 2 financial years to minimise tax
has anyone had this scenario before
yeah we were a bit rushed as we were working away in western Australia so learnt from that
just little thinks could have bought the flooring etc ourselves and got a better quality cheaper
should have done a bit mor due diligence on the builder the builder we chose we will never ever go with...
Using the margin scheme when you sell property
If you sell property as part of your business and you are registered for GST, you may be able to use the margin scheme to work out how much GST you must pay.
Whether you can use the margin scheme depends on how and when you first purchased...
we havnt had contracts drawn up yet as im waiting on clarification on this first
but we go to auction in about 3 weeks so Im trying to sort out whether I can apply it or not
ta
thanks paul
I have paid my current accountant money for this information and a projected tax and gst costs etc
but she seems to think that I cant apply the margin scheme
but I was under the impression that
we bought house off lady no margin scheme applied to us
then we knocked down...
sorry to hijack old thread but my scenario is
bought site of lady she didn't apply the margin scheme to me for sale of land 2013
I build duplex on site
2015
sell both units at sale contract can I apply the margin scheme to the purchasers of the my new units
thanks indvance
few pics of the finished product guys
1st open today went well
14 couples through with rain and short notice of advertisement no sign out the front/ not in the local paper etc
2 more opens then auction night
I wanted to keep and rent both out but then sydney market steamed right up so i thought bought at the bottom
Developed then sell at the top cant beat that
Then try and roll profits back into next project
Im just waiting on the accountant
But will be applying the margin scheme
Claimed all gst credits along the way
then
About 80k each unit gst i think will be payable upon sales