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GST on Business purchase

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Views 184

Replies 1

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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Accepted Solutions

Most helpful response

ATO Community Support

Replies 0

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.

1 REPLY 1

Most helpful response

ATO Community Support

Replies 0

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.