The ATO is recommending that taxpayers use their recently updated GST property decision tool to work out if GST applies to their property sales.
The tool can be used to determine GST on the sale, lease or purchase of real property (including vacant land, residential and commercial premises), and was recently updated for easier use on mobile devices.
After providing the relevant information, the tool will generate a GST decision that contains:
- A decision that advises whether GST is payable on the sale;
- An estimate of the amount of GST payable when applying the margin scheme; and
- A decision that advises whether you are eligible to claim input tax credits.
Note that the ATO does not record any personal information and user will remain anonymous.
No comments yet.