ATO Community

GST: Property Increasing Adjustment

Ask a question
Highlighted

ab2
Newbie

Views 164

Replies 4

I need to lodge an "increasing adjustment' for property GST related transaction. Do I lodge this on my Activity Statement through Business Portal (BP) or do I lodge using some other form?

1 ACCEPTED SOLUTION

Accepted Solutions

Best answer

ATO Certified

Community Support

Replies 3

Hi @ab2,


Welcome to our Community.


Adjustments can be made on your activity statement and lodge using the business portal.

 

There is information on our website in regards to GST adjustment for a property transaction, including calculating adjustments.


I hope this helps, SueO
 

4 REPLIES 4

Best answer

ATO Certified

Community Support

Replies 3

Hi @ab2,


Welcome to our Community.


Adjustments can be made on your activity statement and lodge using the business portal.

 

There is information on our website in regards to GST adjustment for a property transaction, including calculating adjustments.


I hope this helps, SueO
 

ab2
Newbie

Replies 2

The Business Portal Activity statement to be completed has limited fields for completion. The only fields available are: 1A, 1B, 8A and 8B. I can try and put in a negative value for Purchases? Is that acceptable?

ab2
Newbie

Replies 1

I just tried entering a negative value for 1B [gst on purchases] . This has errored. 'value must be zero or greater'

ATO Certified

TaxTime Support

Replies 0

Hi @ab2,

 

Thanks for getting in touch.

 

If you are having difficulties in reporting the adjusted figures, please see the following guide.

 

There are a few different ways to complete the calculation, but I generally find that using our GST calculation worksheet is the easiest. It will help you work out the amounts and shows you which label those amounts should be reported under.

 

Hope this helps,

 

Rachael B.

Top Solution Authors