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From: DaveJ _
Hello All,
I have a GST question that I would like to get clarified.
A ‘friend’ of mine has been told by their accountant (actually two different ones) that they can claim back the GST expenses as a result of building their investment property if they do not live in it for 12months. The details are:
• Person A Will pay for the entire property (and have it in their name)
• Person B (married to person A) is a registered builder and will build the house. (minus some sub-contracting for certain parts of the construction)
• The House will be used from the beginning as an investment property
• The house is in QLD (if that makes a difference)
I am assuming the ‘builder’ will be charged GST on the building materials and I think this is the GST they want to claim back?
It sounds very dodgy so I put it to the forum. Also if it is allowed/not allowed I would greatly appreciate a reference to support my argument.
Thanks in advance for any replies. (any accountants willing to comment)
DaveJ
Hello All,
I have a GST question that I would like to get clarified.
A ‘friend’ of mine has been told by their accountant (actually two different ones) that they can claim back the GST expenses as a result of building their investment property if they do not live in it for 12months. The details are:
• Person A Will pay for the entire property (and have it in their name)
• Person B (married to person A) is a registered builder and will build the house. (minus some sub-contracting for certain parts of the construction)
• The House will be used from the beginning as an investment property
• The house is in QLD (if that makes a difference)
I am assuming the ‘builder’ will be charged GST on the building materials and I think this is the GST they want to claim back?
It sounds very dodgy so I put it to the forum. Also if it is allowed/not allowed I would greatly appreciate a reference to support my argument.
Thanks in advance for any replies. (any accountants willing to comment)
DaveJ
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