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_Barber(I'm new)I'm new
4 Feb 2021

My son is purchasing a busienss for $60k through vendor finance and the $60K includes GST.

Montly payments of $2.5k for 2 Years.

My question is regarding GST on the monthly payments.

Can he pay the $2.5K each month and record that as GST paid and claim the GST paid on his quarterly BAS?

I read somewhere that the GST can only be claimed at the end of the contract period but I may have read that wrong.

Any advise from the brains trust would be appreciated.

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1,080 views
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Most helpful reply

StephATO(Community Support)Community Support
9 Feb 2021

Hiya @Barber,

This is a fantastic question, after some digging I think your best chance of getting a definitive answer is to contact our GST mailbox and asking them for advice regarding this specific situation.

GST Mailbox.

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Most helpful reply

StephATO(Community Support)Community Support
9 Feb 2021

Hiya @Barber,

This is a fantastic question, after some digging I think your best chance of getting a definitive answer is to contact our GST mailbox and asking them for advice regarding this specific situation.

GST Mailbox.

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