34: Navigating GST on Property: Essential Insights for Owners

Smarten Up! The Tax and Business Podcast

Get ready to be enlightened about GST on property transactions - something every property investor and developer needs to know!

In this episode, Sally Preston dives deep into the intricate world of GST as it applies to property transactions. From taxable supplies to input tax credits, Sally breaks down the essential concepts that property owners, investors, and developers must grasp to navigate GST effectively.

In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:

• Understanding taxable supply, input tax supply, and GST-free supply (01:20)
• What input tax credits are and how they affect property transactions (03:45)
• When and why you need to register for GST as a property owner (05:30)
• Differences between residential and commercial leases and their GST implications (08:00)
• GST considerations for selling residential and commercial properties (11:15)
• An overview of the margin scheme and its benefits (15:45)
• Income tax vs. GST in property transactions (19:10)
• Special GST exemptions for farming properties (22:30)
  

Whether you’re leasing, selling, or buying property, this episode offers invaluable insights that can save you from costly mistakes and streamline your tax obligations. Remember, understanding the nuances of GST can save you time, money, and stress.

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