Insurance Premium invoicing to the tenant

We are GST registered as a landlord.

If we get an insurance premium invoice of $1,100 the GST component is less than 10%. Let's say it's $70.

We forward the bill to our agent and they will invoice our tenant for the whole $1,100. The thing is they write on our rental statement we got paid $1,100 for the insurance premium, but the GST paid to us is $100.

That makes it look like we are collecting more GST then what we have paid. Is this correct or should the agent have written the same amount of $70 GST?

 

You should charge 1030 plus gst so $1133.

you then collect $103 in gst and you paid out $70 so you then pay the ato $33.

 

Ok thanks.

I just forwarded our insurance renewal invoice to our commercial property manager and let them do the invoicing to the tenant. Guess I'll have to contact the PM to fix this.

 

Just check the invoice/remittance to confirm that they have invoiced correctly otherwise you have been shortchanged by the agent.