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Prue asks:
(updated on Wednesday, February 01st 2012)
Our Experts Answer:
It depends on whether the vendor is registered for GST and whether you, the purchaser will conduct a taxable activity from the property. Remembering that residential rental is exempt from GST. So generally it would need to be a commercial property to be registerable for GST. If the vendor is a property developer they may well look to charge GST on the sale, make sure you negotiate on an "inclusive of GST" basis rater than a plus GST basis. If they are registered and you are registering before settlement date for a taxable activity and the property will not be your residence the sale must be zero rated under the new compulsary zero rating rules. Regards Mark
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