Hi,
I am newbie to IP and had a few questions on the margin scheme after reading the documents on ATO's website.
I want to buy land from a land developer(with no GST) in a company name(not registered for GST) and have a builder construct a house on it.
As the land developer is registered for GST, although I am buying the land without GST am I eligible to use the margin scheme when i sell the property?
Also will I be able to claim GST on the construction costs from this?
Thanks in advance
I am newbie to IP and had a few questions on the margin scheme after reading the documents on ATO's website.
I want to buy land from a land developer(with no GST) in a company name(not registered for GST) and have a builder construct a house on it.
As the land developer is registered for GST, although I am buying the land without GST am I eligible to use the margin scheme when i sell the property?
Also will I be able to claim GST on the construction costs from this?
Thanks in advance