I have signed a contract to buy a 25-year old townhouse. Just noticed that GST is not mentioned at all in the contract. Everything about GST has been left balnk. Do you guys think it is gonna be a problem? Are there any catches in this GST corner? Thanks a lot.
Hi xpine73.
GST is only relevant if you are buying in the name of a company registered for GST. If you are buying it in your own name then it is not an issue at all.
Cheers
K
Or buying FROM a company/person registered for GST?
Thanks a lot anyway, Linar
I am no solicitor but the contract price has always been the final price in my experience. You don't have to pay gst on top of that.
Hi xpine
Unless the contract specifically says that GST is payable on top of the contract price, then the price stated in the contract is the purchase price.
Are you sure there's nothing in there about GST. It is part of every standard form of contract that I have ever dealt with. Look and see whether in the standard part of the contract (not the special conditions) there is anything about "Margin Scheme".
Cheers
K
Thanks Linar.
That contract is a standard one. But the vendor just left everything regarding GST intact.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
