Dear Team, need some help please.
We are not gst registered however, have an LTC company and sold one of our residential investment properties at an auction/ in fact after auction by negotiation and , settling in late December.
I am referring to the attached sheet to S&P agreement (Scheduel 1 - GST Information see clause 15.0) with 11 statements .
I came to know only now the statement 3 is circled 'Yes' for "the purchaser who bought is GST registered under the GST Act or will be so registered at settlement" . Yes is circled round and initialled by the purchaser . We (vendor) have not initialled that statement. However, we have initialled the bottom right hand corner of the page. The only statement circled in the whole page of 11 statements is only the item no 3, and statement 4 (a) and statement 4(b) is completed with the purchasers details (a) fullname: zzzzz and or nominee (b) with address.
On the top page of S&P, under Conditions of Sale: Item 1.2 states "GST will be payable in acordance with the statement of the purchase price price in the Memorandum of Contract ' . 1.3 The Gst date Is: is left blank.
Would you clarify
A ) What does all this mean
B) Are we to pay them/purchaser anything? GST?
C)We haven't signed bdeside the intial of purhcaser but we have signed on the bottom of the page right hand corner, who knows they circled that bit after? can't remember seeing this statement circled then of course I would have checked with a lawyer/accountant before signing.
Await for your feed back.
Candy
We are not gst registered however, have an LTC company and sold one of our residential investment properties at an auction/ in fact after auction by negotiation and , settling in late December.
I am referring to the attached sheet to S&P agreement (Scheduel 1 - GST Information see clause 15.0) with 11 statements .
I came to know only now the statement 3 is circled 'Yes' for "the purchaser who bought is GST registered under the GST Act or will be so registered at settlement" . Yes is circled round and initialled by the purchaser . We (vendor) have not initialled that statement. However, we have initialled the bottom right hand corner of the page. The only statement circled in the whole page of 11 statements is only the item no 3, and statement 4 (a) and statement 4(b) is completed with the purchasers details (a) fullname: zzzzz and or nominee (b) with address.
On the top page of S&P, under Conditions of Sale: Item 1.2 states "GST will be payable in acordance with the statement of the purchase price price in the Memorandum of Contract ' . 1.3 The Gst date Is: is left blank.
Would you clarify
A ) What does all this mean
B) Are we to pay them/purchaser anything? GST?
C)We haven't signed bdeside the intial of purhcaser but we have signed on the bottom of the page right hand corner, who knows they circled that bit after? can't remember seeing this statement circled then of course I would have checked with a lawyer/accountant before signing.
Await for your feed back.
Candy
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