I am looking to partner with one other to purchase a house to relocate repair and resell
I will be operating through a family trust which has an ABN and is registered for GST
The other party is a PTY/LTD
Q1 All costs and profits will be shared equally, how is GST treated on the sale of the property, is the house to be 275K + GST ?
Q2 As we will be dealing with contractors which will charge + GST will I be able to clain that back as I am registered.
eg replastering say $6,000 + $600 my share will be $3,000 + $300
Are we able to do this project as owner builders without having a legal partnership
Please advise if anyone has gone down this track before
we have developed a terms of reference which has been signed by both parties
Cheers Fredo
I will be operating through a family trust which has an ABN and is registered for GST
The other party is a PTY/LTD
Q1 All costs and profits will be shared equally, how is GST treated on the sale of the property, is the house to be 275K + GST ?
Q2 As we will be dealing with contractors which will charge + GST will I be able to clain that back as I am registered.
eg replastering say $6,000 + $600 my share will be $3,000 + $300
Are we able to do this project as owner builders without having a legal partnership
Please advise if anyone has gone down this track before
we have developed a terms of reference which has been signed by both parties
Cheers Fredo
