Business owners who have used their property in a different way since originally intended after purchase may have some extra legwork on their hands.

If you have claimed GST credits on property purchases, you may need to report adjustments in your June activity statement.

The amount of GST credit you can claim on a purchase or importation depends on the extent to which it is used for a “creditable purpose.”

The creditable purpose of a purchase changes if either there is a difference between how you planned to use it and how you actually use it, or the way you use it has changed over time.

Right now, the ATO is reminding owners to check if they have changed the use of their property from how they originally intended, as they will need to make an adjustement.

The ATO is also reminding owners who have built a property for sale and rented it out while finding a buyer that they need to keep records to show they are holding the property for a ‘dual purpose.’ This dual purpose represents the intention to rent the property while actively marketing it for sale.

For a comprehensive breakdown of how this works, you can view the ATO’s guidance here.

About ljgrealestate 据联大

Removing the Hassle from Sales and Rentals across South East Queensland. Aim to Empower other like minded Property Investors. LJ Gilland Real Estate Pty Ltd LREA推荐书LJ Gilland房地产 http://ljgrealestate.com.au/testimonials/ http://ljgrealestate.com.au/competitive-commission/ http://ljgrealestate.com.au/property-management/ http://www.facebook.com/ljgrealestate L J Gilland Real Estate is a prestigious boutique agency specializing in Property Investment Management Services and the Sales of Investment Properties with tenants in place. Comprised of a top performing group of handpicked specialists, our Agents proudly serve Property Investors in Queensland. Since 1996 our Agency has demonstrated a genuine enjoyment of working with people, developing long-term relationships and delivering on the promise of great service. Carlos and Linda Debello offer property investor's the confidence to sell and lease in any market. We provide comprehensive market appraisals, exclusive multimedia marketing campaigns, and knowledgeable, highly personalized counsel on all aspects of real estate. Our Property Management Team is equally considerate, offering investors with in-depth advise, well-researched rental valuations, and highly professional rental management services. http://goanimate.com/movie/0M4bvcZzgIbI?utm_source=linkshare&uid=0u6RGtWsmlVc Carlos’ direct mobiles are 0400 833 800 & 0413560808. Linda’s mobiles are 0409995578 & 0414978700 (prefer email contact for Linda). Office 07 3263 6085. http://www.ljgrealestate.com.au http://www.yellowpages.com.au/qld/aspley/lj-gilland-real-estate-pty-ltd-14091356-listing.html http://au.linkedin.com/in/lindajanedebello http://twitter.com/GillandDebello http://www.facebook.com/pages/ljgrealestate
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