A new online “property tool” will help investors to understand the GST impacts of property-related transactions, the Australian Taxation Office hopes.
“The GST property tool helps people dealing with property to understand their taxation obligations and entitlements,” acting tax commissioner Jennie Granger said.
“This tool complements the recently created ATO property webpage. Together these initiatives are a great starting point for anyone who wants tax matters to be explained properly and simply.”
The GST property tool helps taxpayers and their tax agents with GST through a series of interactive questions and answers about buying, selling, transferring, leasing, or developing property.
“The GST property tool covers an extensive range of topics to give you the guidance and advice you are after.
“Topics include residential premises, commercial premises and vacant land. The tool also carries information on claiming GST credits, margin scheme eligibility, and GST-free supplies of real property.
“The interactive question and answer section allows you to model information for your own property circumstances.
“It takes about five minutes to complete and you will be provided with a summary of your situation and how GST applies to your property transaction.
“The internet tool is free, confidential and you remain anonymous when using it,” Ms Granger said.
The GST property tool can also be used for in-house education for tax professionals and their staff to build GST property knowledge, allowing them to guide clients through GST obligations and entitlements.
“By using the ATO’s GST property tool you will be getting credible and clear taxation advice, helping you build basic tax knowledge and enhance your understanding of tax obligations relating to property.” Ms Granger said.