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From: Sergey Golovin

Someone has asked earlier about Capital Gain or stamp duties on Sale of Family Home?


17. Sale of Family Home

Q: Is GST payable on the family home?

A: No, GST is not payable on the private sale of existing residences or where the property is sold by a private individual.

18. Stamp Duty

Q: What stamp duty is being removed on the purchase of a house?

A: GST on the stamp duty for the mortgage documents will be removed at some time in the future.

It is not yet certain whether GST is payable on stamp duty at this stage, but the A New Tax System document indicated that GST would not be payable on Stamp Duty. The Government has indicated that it is likely that this will be stated by the Treasurer in his determination related to Division 81 (ie payment of certain taxes determined by the Treasurer will not be consideration for the purposes of GST).

Stamp duty on the actual purchase price of residential houses will not be abolished.

19. Transitional leases

Q: I lease items to customers. The transitional rules set out "grandfathering" provisions that are governed by whether or not the lessee is eligible to claim input tax credits in relation to GST incurred on lease payments made after 30 June 2000. If GST applies, it's my liability. How am I supposed to know which of my customers are entitled to input tax credits and which grandfathering provision applies?

A: There are special provisions covering whether or not you are liable for GST on leases spanning 1 July 2000. An extra concession is given where a recipient is entitled to a full input tax credit, and it is in the interests of both parties to make enquiries about entitlement. If the lessee is not entitled to input tax credits, the lessor will be liable for GST on contracts made after 2 December 1998.
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Reply: 1.1
From: Sergey Golovin

Capital Gains Tax - $21.90
James W. Coghlan
This book gives practical information to ensure you comply with the new capital gains tax legislation. It looks carefully at record-keeping to help you calculate your liability quickly and accurately. A must for any investor.
ISBN: 1876627263 - Paperback - Personal Finance

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Reply: 1.1.1
From: Sergey Golovin

Conveyancing Manual of NSW - $65.00
ISBN: 1864620226 - Paperback - Real Estate

Looks like you can Conveyancing your self these days.

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