StevieM replied to the topic To all you wrappers out there!!! in the forum Creative Investing 13 years, 10 months ago
Hey Andrew,The accountant was directly referring to new build only.The GST implication isnt an issue, provided it is GST on the build on the way in and way out – it does however become an issue if it is on the build on the way in and on the whole sale value on the way out.He did mention the Margin Scheem to me the other day, must admit, it did go…[Read more]
StevieM replied to the topic GST on Developments in the forum Legal & Accounting 13 years, 10 months ago
Cheers Matt,
I am still finalising contract so this is another clause that i will keep in mind for it.
it is growing day by day at the moment.
StevieM replied to the topic GST on Developments in the forum Legal & Accounting 13 years, 11 months ago
"If you haven't paid and claimed a GST credit on the purchase, then you can use the 'margin scheme' to reduce your GST liability on the sale."Do you mean on the Land component??So the onsell would have a gst component payable on the whole ammount minus the original purchase price of the land component
StevieM replied to the topic Using cash or borrowing the full amount? in the forum I’m with Terryw and 13 years, 11 months ago
I'm with Terryw and Richard,Borrow the full amount and offset the cash – you never know what the future holds, and if you need cash for something unforseen – better to have it at easy reach.
StevieM replied to the topic To all you wrappers out there!!! in the forum Creative Investing 13 years, 11 months ago
Hey Matt,
I was under the understanding that as the home is viewed as trading stock therefore no depreciation applicable.
Also that Stamp duty is applicable 28 days after the buyer takes possession – not settlement.
as far as GST is concerned – fair enough you can claim the GST paid upfront which would do good things for cash flow, but surely…[Read more]
StevieM replied to the topic To all you wrappers out there!!! in the forum Creative Investing 13 years, 11 months ago
Hi Paul,Yes, i am using an installment contract you are right.I am meeting Solicitors next week, I would imagine they will be able to advise if it is under the UCCC or the NCC??I would imagine under the new NCC as the contract will not be entered into until the new FY.PS – thanks for you posts on the forum – theres been a lot of gold in you…[Read more]
StevieM replied to the topic Can anyone refer / recommend an Accountant (property & tax) in Gold Coast in the forum Legal & Accounting 13 years, 11 months ago
Hi Qlds007,Your accountant Steve, is he a good reference for me to clarify GST implications on Vendor Finance deals??I met with my accountant the other day and he raised his eyebrows a wee bit as it seemed to be unfamilliar territory for him.He could not clarify if GST would be applicable as a one off, or if i was seen to be carrying on a…[Read more]