Greetings All and let me first apologise if this question has been asked and answered before but am new to this forum and am not sure of procedures!!
Long winded to get to my question which is !(drum roll!!!)
How do I calculate GST on sale of 2 houses which we built and claimed GST as we were paying for the build and wc items etc??
Imagine !!??: easy because this is how it is!! Bought land for 2* 120k and sale of house is 335k and 343k .
Do I calculate using the nett sale price minus the gross cost of the land ,ie: say 335k less sale commision etc minus the gross cost of the land or is this not correct.
As much as I hate looking up things on the internet , perhaps a plain english site where I could find out would also help.
If I ask the accountant to do it for me , then I will never know how to work it out.
Thanking you Regards Lenno
Long winded to get to my question which is !(drum roll!!!)
How do I calculate GST on sale of 2 houses which we built and claimed GST as we were paying for the build and wc items etc??
Imagine !!??: easy because this is how it is!! Bought land for 2* 120k and sale of house is 335k and 343k .
Do I calculate using the nett sale price minus the gross cost of the land ,ie: say 335k less sale commision etc minus the gross cost of the land or is this not correct.
As much as I hate looking up things on the internet , perhaps a plain english site where I could find out would also help.
If I ask the accountant to do it for me , then I will never know how to work it out.
Thanking you Regards Lenno