Tax/GST/LTC Expert

Ask Mark Withers, director of Withers Tsang & Co questions relating to Tax and Asset Structures

Mark Withers and his team at Withers Tsang & Co specialise in advising on property related transactions, valuation and restructure services and tax planning.

GST quandary

botany asks:

I am keen to purchase a hotel managed property. The rental income includes GST but annually it is less than $60,000. The property price is $xx plus GST. Can I know if I have the option of NOT registering for GST? And, if so, do I need to do anything? How about the rental which is inclusive of GST? I am happy to pay the GST on the property price.

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Leasee GST claims

graeme asks:

Our family trust purchased a small town commercial property. The vendor and our trust were not GST registered. We then leased this property for around $10,000 per year with nil GST. Can the leasee who is GST registered claim GST on the lease payments?

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Sub-division tax sums

Rebecca asks:

When subdividing a property is the associated reduction in value of the original home/land package able to be deducted from the taxable amount on the subdivision revenue? I assume that the costs of subdivision would also be deductible?

We are currently considering subdivision of a 8000sqm block with an existing home into three blocks, with one being the original home and the other two constituting two sections (2000sqm in size). We expect the subdivision of the two sections to significantly reduce the existing home's value.

I currently do not have a company/partnership set up so as it stands it would all be under a personal taxation liability.




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