Does a property developing company need to apply for GST? Any thoughts?
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Hi Fullout,
I am no accountant,but I think you will find that if your turnover is more than $50,000 then you have to,but if it is less than 50,it is optional.If you don’t register ,however,you will not be able to claim back any GST paid on purchases.Tools
Tools in one.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
For each project I do (and we’re not talking insignificant projects here), I register separately for GST. This makes it much easier to manage this difficult tax issue.
By this I mean that the project has its own business name and ABN. Check with your accountant about this “”structuring”.
Peter.
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Peter Comben
http://www.smartpropertydevelopment.com.auHi there Peter,
Sorry to get off track here but does this mean that each of your developments is kept in a separate company name? If not, in what structure do you generally hold your projects?
Thanks in advance.[biggrin]
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