GST Question

[WebBoard]

From: Mojo Jojo


I'm looking at buying a warehouse with a caretakers apartment above, as my home. The idea being to add a couple of bedrooms in the warehouse at a later stage. It is "off the plan". The real estate agent said that if I had a company I could buy the property and then claim the GST back, about $40,000.

Is it as straight forward as this? Is it worth setting up a company?

 

[DB_Bear]

Reply: 1
From: DB Bear


Real Estate Agents should NEVER be giving financial advice and NEVER take the financial advice given by a Real Estate Agent without checking with your accountant.

Deb

 

[GeeVee]

Reply: 1.1
From: Gee Vee


Has anyone had a go at this? A friend owns a few IP's and has just completed building a new one and his accountant has suggested that he personally register an ABN for GST purposes and then claim back the GST. Apparently if he were to sell the property he has to settle it up (GST) at that time. This could be freeing up a deposit on his next IP could it not?