Registered for GST-townhouse development

[niao]

Hi,

We need some advice for how to cancel the GST registration for townhouses project.

We are conducting 3townhouse development in Brisbane. In the beginning we intended to sell all of the townhouses, so we registered for GST. But now we changed our mind to keep all of the townhouses, not sell them. We just claimed GST at stage one during the construction and then stopped to claim GST. Currently the project is almost finished.

Please give us some advice for how to cancel the GST registration or change the status to keep the townhouses, not sell them. we can return back the GST claimed at the stage one during the construction.


Thank you

 

[imbi3]

Get your accountant to do it

 

[MRO]

This is not something you should do without proper advice...

.. but in my unqualified opinion:
- lodge your next BAS reporting and repaying the amounts previously claimed.
- once lodged call the ATO and cancel GST registration
- await 'requesting further info' notice from ATO and possible audit.

 

[perthguy]

Please give us some advice for how to cancel the GST registration or change the status to keep the townhouses, not sell them. we can return back the GST claimed at the stage one during the construction.

As far as I know, you can and it won't be a problem. I would really encourage you to get competent, specialist tax accountant advice.

 

[Paul@PFI]

I agree with each post that suggested competent tax advice.

I suspect you will need to repay all the GST claimed in error. Cancellation is quite straight forward thereafter. Its highly likely that even after amending to repay the GST the ATO will send a form to assess what you are doing triggered by cancelling. Call it a audit review if you like. I don't think you will encounter issues with a honest approach as explained.