
Tax on selling an investment property
Selling an investment property can be a financially rewarding move, but it's important to understand the tax implications that accompany such transactions.In this article, we'll explore various...
Goods and services tax (GST) is a 10% tax added to the price of most goods and services sold in Australia.
Goods and Services Tax (GST) is a 10% tax added to the price of most goods and services sold in Australia. It's collected by businesses at the point of purchase and is then passed on to the government.
Like any other tax, GST is paid to fund government services and programs. It helps the government raise revenue to pay for things related to schools, hospitals, roads, and other essential services that benefit everyone in the country.
GST doesn’t apply to residential rent. This also means you cannot claim any GST credits for associated expenses. However, GST does apply in the contexts of commercial premises. These include:
Compare your property to recent sales in the area to get a current market estimate.
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