Can you claim GST in your Business activity statement for repairs and alterations etc if your in the business of buying and selling residential property
no gst on residential property unless new.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Even if your in the BUSINESS of buying and selling, can GST not be claimed on the repairs and alterations?
How does it work at tax time if you paid for a repair or alteration at $1,000 plus GST, $1,100 including GST, and lets say you made a capital gain of $50,000,
Do you cut the $50,000 to $25,000 as you have owned the property longer than 12 months,
and then do they take $1,100 off your profit of $25,000, which leaves $23,900 taxable income
Or do they calculate the GST portion differently???If at tax time you have incurred an expense you can claim it agains capital gains or income but nnot both,
If it was a business then there would be no CGT anyway.Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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