Rental Income GST & Tax Return

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

Join Australia's most dynamic and respected property investment community
  1. thesuperman

    thesuperman Well-Known Member

    Joined:
    26th Jun, 2015
    Posts:
    460
    Location:
    Australia
    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.
     
    thesuperman, 4th Aug, 2015
    #1
  2. Greyghost

    Greyghost Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    1,635
    Location:
    Brisbane
    The rental schedule in the tax return will be ex gst.
     
    Greyghost, 4th Aug, 2015
    #2
  3. DaveM

    DaveM Well-Known Member

    Joined:
    14th Jun, 2015
    Posts:
    3,761
    Location:
    Adelaide & Sydney
    Accounting systems work ex GST
     
    DaveM, 4th Aug, 2015
    #3
  4. thesuperman

    thesuperman Well-Known Member

    Joined:
    26th Jun, 2015
    Posts:
    460
    Location:
    Australia
    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...
     
    thesuperman, 4th Aug, 2015
    #4
  5. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    23,504
    Location:
    Sydney
    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.
     
    Paul@PAS, 4th Aug, 2015
    #5