Settlement adjustment and property sales
13 December 2009
Errors are often made when settlement adjustments are not added to the sale price of a property.
If you are registered, or required to be registered for GST, when you sell a property you may receive adjustments for things such as council and water rates. These things form part of the settlement amount on which the GST payable is calculated and will affect the amount you receive from the purchaser.
These adjustments are part of the amount payable for the property and you must include them on your activity statement at G1 and 1A.