Firstly I am a sole trader Dentist. I regularly file my BAS and there is usually always a big component of GST which I have incurred as part of my regular expenses (mainly clinic fees on which the clinic charges GST (as part of the Service and facilities agreement)). I am then able to claim this GST component back from ATO.
In regards to my investment property -
Say Gross Rental Income for the quarter was = $3000
For different types of real estate agent fees (like advertising, letting fee, lease preparation etc), total cost = $1100. This cost included a GST component of $100.
There are other expenses as well (such as building insurance) on which I have incurred GST as well. Say the GST amount is $50.
Question 1 - Can I claim this $100 + $50 GST components in my BAS ?
Then taking the discussion even further.
Here it must be noted that I purchased the investment property in Jan this year only (so I have had the property for less than 12 months).
In the renovation of the investment property, I spent $77000. This also included a GST component of $7000.
Question 2 - Can I claim this $7000 GST component in my BAS as well ?