GST Registration

[AndrewS]

From: Andrew S


I understand from the tax department that it is not necessary to have an ABN when owning IP's. I realise that it may be dependant on what structure I put in place to purchase properties.

Initially I am purchasing as an individual.

Do others in my situation bother to register for an ABN? Isn't it better to claim differences in GST on the BAS? Or is it better to wait till end of financial year? Or am I way off track?

Regards
Andrew

 

[paulzag]

Reply: 1
From: Paul Zagoridis


Residential real estate is input taxed. Therefore you cannot claim GST back.

As for an ABN, I wouldn't know because I don't hold real estate personally.

There is no legal/structural reason to get an ABN tho.

Dreamspinner

 

[WebBoard]

GST Registration for Pty Ltd ????

Reply: 2
From: Anonymous


Should my new Australian Pty Ltd & Trust structure that is only being used for my property wrap business be registered for GST and therefore have to do BAS statements?

Please advise or point me in the right direction as it seems my accountant
is not too sure?

What is the advantage or disadvantage ?

Regards
David

 

[Rolf Latham]

GST Registration for Pty Ltd ????

Reply: 2.1
From: Rolf Latham


Hi David

Wouldnt have a clue - but if my tax advisor was unsure I would be very quick to find one that knows his/her stuff, after all that is the speciality I would pay them for.

Ta

Rolf

 

[paulzag]

GST Registration for Pty Ltd ????

Reply: 2.1.1
From: Paul Zagoridis


My God! Rolf that is so true.

What has he done on your CGT front?

I wouldn't register as your GST is input taxed so you get no refunds. However if your turnover exceeds (I think) $50K p.a. you must register.

Geez and get another accountant coz this ain't advice.

Paul Zag
Dreamspinner