Now is the time to check your property transactions. You may need to make a GST adjustment on your June activity statement if you have:
- previously claimed an input tax credit for the GST paid on a business asset you purchased, and
- used your business asset differently to the way you originally intended
What is a GST adjustment?
An adjustment is a change that increases or decreases your net GST liability for a reporting period. There are two types of adjustments:
- increasing adjustments, which increase your net GST liability for a reporting period
- decreasing adjustments, which decrease your net GST liability for a reporting period.
When do you have an adjustment for a property transaction?
You may need to make an adjustment on your activity statement if you have recently bought, sold or rented a property and you have:
- changed how you intended to use the property – for
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example, you rent out, rather than sell, new residential premises; this is known as a change in creditable purpose
- purchased a property as part of a business sold to you as a GST-free going concern
- purchased GST-free farmland.
You may also need to make an adjustment if you have ceased your enterprise and cancelled your GST registration.
Record keeping
If you purchase property that is for business use, you must keep records that show and explain all transactions that are relevant to that purchase, such as:
- sales contract
- settlement statement
- tax invoices
- other agreements entered into between seller and purchaser
For more information, please
contact us at Rubiix.