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Level 2, 1 Prowse Street West Perth WA 6005
- 08 9430 7888
Level 2, 1 Prowse Street West Perth WA 6005
GST (Goods and Services Tax) needs to be paid when an individual sold his/her property which is a part of its business. If the sale of property is taxable,the GST individual obliged to pay can be determined through the margin scheme. We know that when it comes to GST and its related process, there are lots of doubts and complexities that makes their habitat in your brain. Many individual face a hard time in understanding the GST on margin scheme complications as it needs specialized approach for better operations.
If a GST registered business owner sell his/her property which is a part of business, they are eligible for using the GST margin scheme for calculating the GST they need to bear.
As per the laws, GST Margin Calculation method is decided upon the selling property purchase date and when you originally purchased it.
The measure of GST is based on the property deal which is equivalent to one 11th of the complete deal cost.
If an Individual has been charged with full rate GST while purchasing property, they cannot use GST Margin scheme. Individuals need to know that the GST Margin can be applied to wide range of private, business, retail and industrial property.
Being primarily involved in the accounting industry, we understand the pain points people go through while seeking the GST Margin Scheme. We have helped numerous individuals with margin scheme under GST. Reach us if you have any inquiries in regards to the Margin scheme and GST. Our team can deliver dedicated solutions as per your GST margin scheme requirements.
