![]() ![]() Under the “ change in use provisions”, in the simplest form, taxpayers claim GST based on their intended taxable use of the assets at the time they are acquired e.g. This adjustment is required to correspond with the taxpayer’s year end, so with many businesses having a 31 March year end, GST adjustments should be top of mind for the next GST return. Where an asset is used for mixed purposes it is necessary to consider whether a GST change of use adjustment is required on an annual basis (subject to the time limits discussed below). Properties purchased for development but used for residential rental prior to the development commencing.Properties that are residentially rented while being advertised for sale.Properties rented out for short term use only for specific periods during the year and are lived in the rest of the year.Properties rented out for short term use via Airbnb (or similar sites) that were historically used for long term residential purposes. ![]()
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