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ARTICLE · 09 JULY 2013

How GST affects the transactions real estate agents handle

Colin Biggers & Paisley
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Real estate agents should understand basic principles of GST as it relates to real estate transactions, and seek advice.

AustraliaReal Estate and Construction
Chris Rumore
Chris Rumore

Real estate agents should understand the fundamentals of GST

Agents need to understand basic principles of GST as it relates to real estate transactions. They also need to establish an appropriate network of advisers to whom they can refer issues or concerns that arise during the transaction. (This is the continuation of last month's article, How does GST affect the running of a real estate agency business?)

Basic principles for GST to apply to a transaction

Firstly you need to remember the fundamentals of GST. These are:

  • There must be a taxable supply.
  • The supplier must be registered or required to be registered for GST purposes.
  • The supplier must have an annual turnover above the GST threshold (presently $75,000, except for charities which is $150,000).

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