Which GST expenses can you claim back ?

Viewing 6 posts - 1 through 6 (of 6 total)

Luke Taylor
Participant
@world-changer
Join Date: 2005
Post Count: 415
October 22, 2007 - 8:41 pm
Hi guys,
i have a question for you ,
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
Thanks for yr help guys
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
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Property Support,Strategist and Buyers Agent
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
October 22, 2007 - 11:15 pm
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.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
v8ghia
Member
@v8ghia
Join Date: 2005
Post Count: 871
October 23, 2007 - 2:45 am
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.
bjh123
Participant
@bjh123
Join Date: 2007
Post Count: 2
October 23, 2007 - 3:13 am
Hi,
You cannot claim GST on expenses in relation to residential rental income, as this is input taxed income.
Luke Taylor
Participant
@world-changer
Join Date: 2005
Post Count: 415
October 23, 2007 - 6:12 am
Thanks guys for yr opinions,
v8 ghia,
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?
best regards
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email Me
Property Support,Strategist and Buyers Agent
Michael4
Member
@michael4
Join Date: 2003
Post Count: 70
October 27, 2007 - 9:58 pm
Hi,
You won't be able to claim any expenses from my experience if they are not related to IP expenses. if you are trying to claim personal expenses from the property you live in you won't have a chance!
IP, business is the only way to claim most if not all the expenses!
The best thing to do is ask an accountant for explanation
cheers,
michael