GST for non-resident property owners

[Harpic]

I have just received a letter from my agent stating that the ATO has issued a bulletin advising that non-resident owners have incorrectly paid GST from 01.01.01 to 01.4.05.

They say... "For many of our clients this would amount to a significant amount of money" - not wrong!

They say that they (the agents) are required to refund the GST directly to the owners and then they claim it back from the ATO.

More info on www.ato.gov.au/businesses/content.asp?doc=/content/46363.htm

Apparently if you have changed agents, the previous ones are required to do the same.

My view of the ATO is changing! But what a headache for the agents.

Harpic

 

[Kennethkohsg]

Dear Harpic,

1. I have claimed/still claiming part of the GST refunds for non-resident property owners/landlords.

2. From what I understand, the ruling only applies retrospectively for GST paid by non resident landloards/property investors, during from July 2000 to April 2005, following the GST's implementation.

3. This ruling will not longer apply further from April 2005 onwards, after ATO has strealming its GST ruling.

4. For your kind update,please.

5. Thank you.

regards,
Kenneth KOH

 

[rumin]

Thanks Harpic,
Why hasn't my accountant contacted me with this info??Thankyou soooooo much for posting this...I have to pay out CGT on a sale this year that,being my first,I didn't max all deductions I could have....This will help sooth the sting ;-)

Ruth

 

[Harpic]

Anybody else out there claiming this? (ie those currently resident overseas)

I'm not sure whether my agent should be doing this as part of their service (as one of my 2 agents has offered) or whether to get my accountant to do it (he has also offered, though I suspect that he may well charge for the extra work).

My second agent just wrote back stating "we do not charge GST to overseas owners" - their statements are covered with entries including GST, so a little irritating that they have so little comprehension.

Any advice about who to get to claim it? - I don't think one can claim it oneself - the forms look like they should be submitted by the agent (anyone with a good agent in Airlie Beach area?)

Thanks
Harpic

 

[coastymike]

Rumin,

The ruling relates to GST (Goods and Services Tax) not CGT (Capital Gains Tax). But you might just be saying that a refund will help the fact that you do have CGT to pay.