Investors

Oct 10, 2022, 16:48 PM
Title : Investors

Does GST apply to the sale price of a residential investment property?

Generally Goods and Services Tax (GST) will not apply to the sale of existing residential property irrespective of whether it is a family home or an investment property. However GST will apply to the sale price of newly constructed homes, including investment properties, sold by a developer who is registered for GST or needs to be registered for GST.

See Margin Scheme for details on GST relief for developers.

Does GST apply to the rental income from a residential property?

No. GST does not apply to residential rents.

Does GST apply to the outgoings associated with the Lease?

GST will apply to most of the outgoings. Some of the exceptions include rates and taxes, and financial services such as bank fees and interest charges.

Does the GST component of (income) tax deductible expenses associated with owning an investment property also be allowed as a deduction?

Owners should seek qualified advice. Generally however, the entire cost (including GST) will be allowed as a deduction for income tax purposes where you are not entitled to claim input tax credits.

Do owners of residential rental properties require an ABN?

The Australian Tax Office has announced that owners of residential rental properties do not need an Australian Business Number (ABN), even if there is some minor business use of the property by the tenant.

There is no requirement for residential rental property owners to quote an ABN to any organisation that is providing residential accommodation for its own employees, such as the Defence Housing Authority.

If a residential property owner wants an ABN they are entitled to one as an enterprise, but they do not require one for PAYG purposes.

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