GST and the sale of vacant land
If you’re selling vacant land, everyone needs to turn their mind to the application of GST. A couple of first things to think about. GST applies to the sale of all real estate unless the property falls into a class of exemptions. Existing residential dwellings is a classic exemption. Another first is, are you as the vendor registered for GST? If you’re not registered, most likely GST will not apply. Otherwise GST will apply and your lawyer / conveyancer and your estate agent needs to take this into account when preparing the Contract of Sale. There is scope for reduction of GST by looking at the rules of the Margin Scheme. . In all cases we recommend seeking the advice of an experienced property lawyer and tax accountant familiar with the rules.
Contact Matt Duker
Director & Licensed Conveyancer (Licence No 000935L)
Much appreciated for your urgency and care into the whole conveyancing process this week, you have been very informative with the process and that is something I feel, personally is missing from your competitors!Edric W - prospective purchaser (contract review)