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GST margin and net of sale

Newbie

Views 81

Replies 1

Hi,

 

We are using GST margin to calculate the GST on sale of property.

The GST payable now is reduced. So the net of sale should be = Gross - GST margin or Gross on sale - GST on contract?

 

THanks

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

ATO Community Support

Replies 0

Hiya @Lynn2,

 

I think you're asking whether the GST should be added to the sale price? Your net price should be the gross plus the GST component.

 

Calculating the GST payable.

1 REPLY 1

Most helpful response

ATO Community Support

Replies 0

Hiya @Lynn2,

 

I think you're asking whether the GST should be added to the sale price? Your net price should be the gross plus the GST component.

 

Calculating the GST payable.