All Topics / Legal & Accounting / GST / wraps

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  • Profile photo of terry.sterry.s
    Member
    @terry.s
    Join Date: 2002
    Post Count: 15
    March 10, 2005 - 10:55 am

    Is there any gst to pay on the monthly payments i received for a property i have wrappred?

    If i get payed out by the client refinancing how is gst and tax calculated.

    Regards Terry.S[builder]

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    March 10, 2005 - 12:45 pm

    Terry

    I dodn’t think so. I never paid it on mine, and remember my contracts had a clause that if it ever was applicable the wrappee had to wear it.

    Should apply on cashout either as the property won’t be new.

    Terryw
    Discover Home Loans
    Mortgage Broker
    North Sydney
    [email protected]

    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 Mark UnwinMark Unwin
    Participant
    @markunwin
    Join Date: 2005
    Post Count: 35
    March 11, 2005 - 12:43 pm

    Hi Terry.S,

    GST is only applicable on commercial property. If you are wrapping residential property (that is not newly built), you need not worry about GST.

    Cheers,

    Mark Unwin
    Williams Partners Pty Ltd
    http://www.wp.com.au

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