All Topics / Legal & Accounting / Which GST expenses can you claim back ?

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  • Profile photo of Luke TaylorLuke Taylor
    Participant
    @world-changer
    Join Date: 2005
    Post Count: 415

    Hi guys,
    i have a question for you ,

    Does anyone know which gst expenses a person can claim back if properties are in own name?
    Currently I still have some properties in my name which are not in my trust.
    From memory i have mostly claimed only gst related expenses on the commercial properties but was wondering how far it stretches into residential property expenese ,
    for example,
     gst on fuel spent inspecting properties,
     gst on property seminars
     gst on postage
     gst on accountants cost
    etc etc

    Thanks for yr help guys

    Luke Taylor | Hope Property Investing
    http://hopepropertyinvesting.com
    Email Me

    Property Support,Strategist and Buyers Agent

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Interesting question. I don't think you can claim GST back on residential property expenses at all – but maybe wrong. I have never claimed any myself., but I may be wrong. It is just too complicated to understand.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of v8ghiav8ghia
    Member
    @v8ghia
    Join Date: 2005
    Post Count: 871

    HI. Yes, I believe none at all. If you have an abn and can show you are running the whole portfolio as a business it may be different. Even on that though the ATO website has incidents of cases where people have 'tried and lost'.  You can probably appreciate / understand, that if you were claiming gst on expenses, you would also be paying it on income too.
    Cheers.

    Profile photo of bjh123bjh123
    Participant
    @bjh123
    Join Date: 2007
    Post Count: 2

    Hi,

    You cannot claim GST on expenses in relation to residential rental income, as this is input taxed income.

    Profile photo of Luke TaylorLuke Taylor
    Participant
    @world-changer
    Join Date: 2005
    Post Count: 415

    Thanks guys for yr opinions,

    v8 ghia,

    I do have an abn and lodge bas s every quarter for the commercial propertys under my name.,therefor i do pay gst on management fees etc on those so claim it back,but i also pay gst on any repirs by tradesmen etc on the residential props too so why can you not re claim?(i think yr saying as i am not paying gst on the full resi rent income though?)

    I am just researching all thses finer points of accounting as in the past ive just payed the acctant to do my books but after a 3k bill last year i thought i would stop beinjg lazy and learn myself !

    I ahve just spoken with the old accountant and he reckons you can claim these things but he would do it with my other company gst report not the personal one.
    this sounds a bit wild .Yr thoughts?

    best regards

    Luke Taylor | Hope Property Investing
    http://hopepropertyinvesting.com
    Email Me

    Property Support,Strategist and Buyers Agent

    Profile photo of Michael4Michael4
    Member
    @michael4
    Join Date: 2003
    Post Count: 70

    Hi,

    You won't be able to claim any expenses from my experience if they are not related to IP expenses. if you are trying to claim personal expenses from the property you live in you won't have a chance!

    IP, business is the only way to claim most if not all the expenses!

    The best thing to do is ask an accountant for explanation
    cheers,

    michael

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