Include sales of new property in your BAS
24 July 2019
If you recently supplied (sold) new residential property or land that new residential property could be built on, you need to report goods and services tax (GST) in your business activity statement (BAS).
The ATO claim that they are seeing a lot of errors where amounts aren't included, or are incorrect.
Completing your BAS for GST at settlement
Property sales must be reported in the activity statement period that settlement occurs.
Report the taxable supply together with:
any other supplies
acquisitions
GST liabilities
GST input tax credits.
Complete the following activity statement labels:
G1 Total sales – report property sales and any other supplies
1A GST on sales – report the GST on property sales, even if the purchaser withheld at settlement
1B GST on purchases – report the total amount of GST credits (including any adjustments) you are eligible to claim.
Note – The amount withheld and paid by purchasers at settlement must not be reported on your activity statement.
GST property credits
A credit for the amount the purchaser withheld and paid to the ATO will appear on your activity statement account once the activity statement is processed.
Amendments to correct errors
If you make an error on an activity statement, including incorrectly reporting or omitting property sale information, you must amend it to avoid potential penalties.