All Topics / The Treasure Chest / IS GST on commercial tax deductable?

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  • Profile photo of G-MAN007G-MAN007
    Member
    @g-man007
    Join Date: 2003
    Post Count: 37
    September 15, 2003 - 5:00 am

    may sound stupid, but is there any tax deduction with the gst on new commercial property?

    Profile photo of DavidCDavidC
    Participant
    @davidc
    Join Date: 2003
    Post Count: 23
    September 15, 2003 - 5:09 am

    If you are purchasing a commerical property, you should be registered for GST, as you would be able to claim the full amount of the GST when you lodge your BAS, as a result you would not get tax deduction as have not had any loss.

    If you where not registered for GST when purchasing a commerical property you would end up paying an extra 10% for the property, it would not be a tax deduction, rather it forms part of the cost base of your asset.

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