Does anyone know which gst expenses a person can claim back if properties are in own name? Currently I still have some properties in my name which are not in my trust. From memory i have mostly claimed only gst related expenses on the commercial properties but was wondering how far it stretches into residential property expenese , for example, gst on fuel spent inspecting properties, gst on property seminars gst on postage gst on accountants cost etc etc
Interesting question. I don't think you can claim GST back on residential property expenses at all – but maybe wrong. I have never claimed any myself., but I may be wrong. It is just too complicated to understand.
HI. Yes, I believe none at all. If you have an abn and can show you are running the whole portfolio as a business it may be different. Even on that though the ATO website has incidents of cases where people have 'tried and lost'. You can probably appreciate / understand, that if you were claiming gst on expenses, you would also be paying it on income too. Cheers.
I do have an abn and lodge bas s every quarter for the commercial propertys under my name.,therefor i do pay gst on management fees etc on those so claim it back,but i also pay gst on any repirs by tradesmen etc on the residential props too so why can you not re claim?(i think yr saying as i am not paying gst on the full resi rent income though?)
I am just researching all thses finer points of accounting as in the past ive just payed the acctant to do my books but after a 3k bill last year i thought i would stop beinjg lazy and learn myself !
I ahve just spoken with the old accountant and he reckons you can claim these things but he would do it with my other company gst report not the personal one. this sounds a bit wild .Yr thoughts?