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GST on sale of buildings?

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Enthusiast

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I'm helping a friend who runs a not-for-profit with their bookkeeping. I see that they sold a building a couple of years ago, and the sale is marked as BAS excluded in their accounting software. It was not a residential building, and the sale was not for less than 75% of market value. Should this sale have been included on the BAS with GST being sent to the ATO? Is it possible that the conveyancers handled that themselves in their fees?

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Enthusiast

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Hi Amanda,

 

Thanks for your reply. After discussing it with the friend I have learned that a number of conveyancers and lawyers were involved in the process of the sale, and the organisation has had their books audited by a third party each year since with no issues raised. While I don't understand the particulars of the tax law involved, I'm happy to trust the professionals on this one.

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Devotee

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Hi @WeirderQuark,


Thanks for your post! We’ll need to talk to some of our our specialists to help answer your question.

Please note that our offices will be closing from 6:00pm Friday 21 December until 8:00am Wednesday 2 January 2019. We’ll post an answer to your question as soon as possible.

 

Thanks.

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Best answer

Enthusiast

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Hi Amanda,

 

Thanks for your reply. After discussing it with the friend I have learned that a number of conveyancers and lawyers were involved in the process of the sale, and the organisation has had their books audited by a third party each year since with no issues raised. While I don't understand the particulars of the tax law involved, I'm happy to trust the professionals on this one.