My fiance and I are to be married in october [inlove]
We have been told to register for GST before buying our property, (to save heaps:) and i was to do this my self (by choice) and i got stuck on the first question!!![withstupid]It says who is registering? a sole trader (one person) or others (other include companies and partnerships.) I figure that maybe a partnership will match our need, but the type of partnerships are family (related to each other which we are yet… or are we??? defacto) or other ones like trust etc.
Does any one have idea’s on the best way to do the ABN/GST rego?
Sorry for my ignorance, but why do you need an ABN?
Do you intend on running a business that brings income in excess of $50K? Or do the whole Co pty ltd as trustee for the XYZ Family trust thing…?Cheers
C@34
steve
i quote “I figure that maybe a partnership will match our need, but the type of partnerships are family (related to each other which we are yet… or are we??? defacto) or other ones like trust etc.”
unless there is new legislation going on…getting married is all about you and your wonderful partner – sneaky governments aren’t gst’ing or abn’ing you yet!!!!!
Hi Steve,
I have to side with c@34 & say why? Unless you start getting more complex with all this stuff and really know what you’re on about, you may get bitten on the bum (so to speak!). Have you crunched the numbers to find out how much money you’ll save verses extra time (yours for filling out forms such as BASs etc. and keeping very detailed accounts) & money (additional accountant’s fees for the extra paperwork etc.)If this all works out to be in your favour, then well done! [thumbsupanim](And pls let me know some details so I can have a closer look as I have an ABN but not GST registered).
Regards
Patrick
The dumbest question is the one you don’t ask.
Thanks for the replies…
Why? well… long story short, we are buying a commercial property in QLD and, have been told by our solicitor and and accountant that we need to register for GST (to do this you first need to have an ABN??? i think)
Why do we need to register for GST? to avoid paying GST on the sale… hopefully this info is true, we also need to register to pay GST as we will be reciving rent with GST, which we will have to pay out each quarter.
Any clearer? It’s not for me…
any idea’s?
Steve,
In what name are you buying the property?
Your name, your & your bride-to-be, a company, a partnership, a trust?
Cheers,
Aceyducey
In theory, there is no difference between theory and practice. But, in practice, there is.– Jan L.A. van de Snepscheut
Steve
Not trying to appear smart but surely if you have received advice from your Accountant to apply for an ABN and register for GST wouldn’t he be doing it for you in the entity which he considers most appropriate for your financial circumstances.
Whilst I concur with his recommendations if you are purchasing a Commericial Property i think you should consult him for this specialist advice and not try and make application yourself.
A few dollars spent in expert advice now could save you 000’s down the track.
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
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