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Account for margin scheme

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Initiate

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Replies 1

Good afternoon.

One of our clients sold a property during Sep BAS period and transfered ownership.

When they receive ab amount from buyer, buyer had paid to ATO of GST as withholding(7%) and send remainng balance to client.

The problem is that cost was bigger than sale price so, there is no capital gain i.e. capital loss.

I would like to ask of 

1. Whether client can cliam of WHD GST from ATO which was been withhold

2. How to disclose it to Business Activity Statement. (I assumed that if the margin is a negative amount, it does not need to report to G1)

Thank you.

 

1 ACCEPTED SOLUTION

Accepted Solutions
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Most helpful response

Community Manager

Replies 0

Hi @jamiejunmoklee,

 

Check out the information on GST and the margin scheme. There information how to claim GST credits and complete your BAS statement.

 

Thanks

 

KylieS

1 REPLY 1
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Most helpful response

Community Manager

Replies 0

Hi @jamiejunmoklee,

 

Check out the information on GST and the margin scheme. There information how to claim GST credits and complete your BAS statement.

 

Thanks

 

KylieS