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Rental Income GST & Tax Return

Discussion in 'Accounting & Tax' started by thesuperman, 4th Aug, 2015.

  1. thesuperman

    thesuperman Well-Known Member

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    If an accountant is doing a trust tax return for a commercial property where you collect GST from the tenant & claim GST on any purchases for the property, therefore you pay GST on your annual BAS statement, does the accountant use all the ex-GST figures for the tax return or incl-GST figures?

    I thought it would be ex-GST figures but an accountant said it's incl-GST figures even thought GST is already declared & paid on the annual BAS.
     
  2. Greyghost

    Greyghost Well-Known Member

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    The rental schedule in the tax return will be ex gst.
     
  3. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

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    Accounting systems work ex GST
     
  4. thesuperman

    thesuperman Well-Known Member

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    Ok two people have said it's ex-GST, which is what I was thinking too. Wondering how the accountant could've thought it's incl-GST that you had to put in the tax return...
     
  5. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

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    What ? Thats first year tax stuff. GST goes to ATO and the after GST amounts are used for tax and financial reporting. If this is your issue I will personally discuss and review and guide your Tax Practitioners Board complaint and claim for a refund. Free. Contact me. I would be appalled if this is fact.