I recently purchased a small commercial office suite.
As part of my due diligence, I obtained the historical sales data of all the previous sales in the complex from the Valuer General’s Office (WA), however, although the data listed the previous selling price, it was not possible to determine if these sales figures were GST inclusive or exclusive.
Subsequent queries with DOLA (Dept of Lands Admin) who register all the Transfer documentation could not confirm which was the case and merely stated that they use the figure that is shown on the transfer document prepared by the solicitor or conveyancer.
My conveyancer then advised that in some cases they show a figure which might or might not include GST. In my case the purchase price was inclusive of GST, therefore, I was advised this would be the figure on the Transfer document.
Given that some commercial sales figures can be stated as without GST (going concern) or inclusive of GST or somewhere in between for margin scheme, can anyone advise how one can accurately use historical sales data for commercial property??
Or was I misinformed?
TIA
Joe D
As part of my due diligence, I obtained the historical sales data of all the previous sales in the complex from the Valuer General’s Office (WA), however, although the data listed the previous selling price, it was not possible to determine if these sales figures were GST inclusive or exclusive.
Subsequent queries with DOLA (Dept of Lands Admin) who register all the Transfer documentation could not confirm which was the case and merely stated that they use the figure that is shown on the transfer document prepared by the solicitor or conveyancer.
My conveyancer then advised that in some cases they show a figure which might or might not include GST. In my case the purchase price was inclusive of GST, therefore, I was advised this would be the figure on the Transfer document.
Given that some commercial sales figures can be stated as without GST (going concern) or inclusive of GST or somewhere in between for margin scheme, can anyone advise how one can accurately use historical sales data for commercial property??
Or was I misinformed?
TIA
Joe D