GST can have significant consequences to the amount of money you receive from your sale
The questions you need to answer are -
Is your sale a Taxable Supply?
If your sale is a Taxable Supply, will the Margin Scheme be used?
If your sale is not a Taxable Supply is it because the sale is -
- not made in the course or furtherance of an enterprise that you carry on
- you are neither registered nor required to be registered for GST
- the supply of a going concern
- the sale is subdivided farmland or farmland supplied for farming
- the sale is of eligible residential premises
The incorrect information on your Contract for Sale can result in severe financial losses.
You should discuss this with US.
|
