Most Taxpayers & Tax Practitioners struggle around this provision of GST Refunds of excess GST payment. Despite being so important it remains to be a tedious task, & requires a deep understanding of the entire concept. GST Refund claim is vital for businesses to avoid any loss of funds through taxes.
How excess GST are paid:
- A taxpayer may overpay an amount of GST by incorrectly treating a supply (or arrangement) it makes as a taxable supply and the supply (or arrangement) is actually not a taxable supply to any extent. This includes incorrectly apportioning the taxable and non-taxable components of a mixed supply.
- The taxpayer typically will have included an amount of GST in the price of the supply, included the amount of GST on a tax invoice issued to the recipient of the supply and remitted that amount of GST to the Commissioner.
- A taxpayer may also overpay an amount of GST as a result of a miscalculation.
Investment property tax changes
With the government recently narrowing the type of property deductions residential investors can claim, getting your taxes right just got more complicated.
If you own investment property, there’s lots to consider when it comes to end of financial year. If you’re receiving rent, we make sure we factor in a proportion of ownership interest and market rates to declare in the year received. We also deduct the interest paid on your purchasing loan and apportion interest for private expenses in your line of credit.
Our experts will make certain you claim all the deductions you're entitled to, including:
- repairs and renovations
- advertising for tenants
- property agent’s fees
- council rates and more
We specialise in making tax simple for you, no matter how complex your arrangements. With over 40 years' experience, we're fascinated by numbers - and great results.
*Prices may vary by office location