GST at settlement | Australian Taxation Office, Applying GST to property | Australian Taxation Office, Applying GST to property | Australian Taxation Office, this Ruling refers to adjustments for rates, taxes and other outgoings on settlement of a contract for the sale of real property. Even if settlement adjustments are considered to be adjustments for the purposes of the GST Act, they ordinarily occur on the date of the supply and consequently are in the same tax period.
The way GST is paid for certain property transactions affects purchasers, suppliers and their representatives. From 1 July 2018, at settlement most purchasers pay both: the withheld amount of GST direct to us; the balance of the sale price of the property, minus the withholding amount to the supplier. This applies to: new residential premises, 11/23/2008 · What about adjustments for rent? While GST Ruling GSTD 2006/3 7 does not deal with whether rental adjustments are to be taken into account in calculating the GST payable by a purchaser, section 15 of the ATO’s Property and Construction Industry Partnership – Issues Register 8 confirms that the GST treatment of an adjustment for rent is to be treated in the same way as an adjustment for …
