API Magazine - Article on Splitters - GST on land sale.

Discussion in 'Accounting & Tax' started by Tifoso, 2nd Apr, 2016.

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  1. Tifoso

    Tifoso Well-Known Member

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    Hi Terry I guess this was the reason for my first post. I'm not certain it's necessarily wrong, but given the circumstances outlined, I am interested to understand how in the operation of an income producing activity, given the intention was to make a profit, and turnover was over 75k, would it be possible. It would of course interest me in my own endeavours!
     
    Tifoso, 4th Apr, 2016
    #21
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    See my posts above.

    Keep in mind that you could claim underpants - but that doesn't mean that it is a legitimate deduction.
     
    Terry_w, 4th Apr, 2016
    #22
  3. Tifoso

    Tifoso Well-Known Member

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    Hahahah - of course.

    Well, good luck to him.
     
    Tifoso, 4th Apr, 2016
    #23
  4. Blacky

    Blacky Well-Known Member

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    Could he not also have claimed some level of depreciation write off if he demolished the house?

    Another reason to have a good accountant who can walk you through the intricacies of making money.

    Blacky
     
    Blacky, 4th Apr, 2016
    #24
  5. Kate Moloney

    Kate Moloney Well-Known Member

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    Big Yawn. Too moving forward. Every experience is just a stepping stone.

    Spot on. I think its wiser to learn from people who are happy to admit to their mistakes. The facade of success can be like a circus, its a good show, but full of monkeys.

    Good post @WilliamB ... ekkk about the GST.
     
    Last edited: 4th Apr, 2016
    Kate Moloney, 4th Apr, 2016
    #25
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