Hi @Annoymous1234,
What @Bruce4Tax has advised is mostly correct except the third line. The GST withholding will sit in a GST property credit account under your entity effective the date it settled.
You do need to report the property transaction in your BAS refer to what to report on your activity statement. Once you have lodged your activity statement for the period the property settled in. The GST property credit will move within 24 to 48 hrs to your activity statement account effective the date you lodged the BAS.
We have a great page you can read more about GST at settlement - a guide for suppliers and their representatives. This explains the process step by step.
141 views
141 views0 replies
0 replies
141 views
0 replies