MWL FINANCIAL GROUP
SECTION – PROPERTY EXPERT
SUBJECT – What is a taxable supply
Hi I'm Jeff Banks, Business Advisor with over 30 years experience at MWL Financial Group specialising in property transactions.
According to the ATO website “if you are registered for GST – or required to be – the goods and services you sell in Australia are generally taxable unless they are GST free of input-taxed”.
To be a taxable sale the transaction has to include GST and the seller has to be registered for GST.
Generally the sale of residential property is exempt from GST except in certain circumstances. Commercial property can be exempt where it is part of the sale of a going concern, otherwise GST is applicable as it is for the sale of vacant land.
For more information contact us at firstname.lastname@example.org and either me, Jeff Banks or one of our experts will be more than happy to help.