Hi again
We are looking at buying a commercial office at auction next month. The successful purchaser needs to pay 10% GST on the sale price.
I understand we have to pay a deposit on the day should we win the auction but my question is at what stage of the buying process is the GST paid. ie. When do I need to ensure funds are ready for the GST component to be paid, on settlement or before?
It may seem a silly question but I have the feeling we need to pay this separately.
Can anyone correct me or point me in the right direction.
Regards
J
We are looking at buying a commercial office at auction next month. The successful purchaser needs to pay 10% GST on the sale price.
I understand we have to pay a deposit on the day should we win the auction but my question is at what stage of the buying process is the GST paid. ie. When do I need to ensure funds are ready for the GST component to be paid, on settlement or before?
It may seem a silly question but I have the feeling we need to pay this separately.
Can anyone correct me or point me in the right direction.
Regards
J