The Australian Taxation Office (ATO) has made it easier for property owner’s to understand the GST implications of property-related transactions. Their new internet-based GST property tool is designed to explain tax matters in a clear and concise way.

"The GST property tool helps people dealing with property to understand their taxation obligations and entitlements," Acting Tax Commissioner Jennie
Granger said. "This tool complements the recently created ATO property webpage. Together these initiatives are a great starting point for anyone who wants tax matters to be explained properly and simply."

It is easy to use and takes you through a series of interactive questions about: buying; selling; transferring; leasing or developing property; claiming GST credits; margin scheme eligibility; and GST-free supplies of real property. "The GST property tool covers an extensive range of topics to give you the guidance and advice you are after.

"Topics include residential premises, commercial premises and vacant land. The tool also carries information on claiming GST credits, margin scheme eligibility, and GST-free supplies of real property. "The interactive question and answer section allows you to model information for your own property circumstances.

"It takes about five minutes to complete and you will be provided with a summary of your situation and how GST applies to your property transaction.
"The internet tool is free, confidential and you remain anonymous when using it," Ms Granger said. It is a great way to learn and teach yourself about the issues surrounding GST on property sales.