Do I need to repay the GST?

[maggiesouthgate]

Hi

I'm having a blonde moment.

I had a home office but then sold my house. I claimed a home office portion (15%) of the GST (and also claimed some depreciation) on new carpets, blinds and curtains.

Do I need to repay the GST or do I simply write the asset off as the new owners changed the carpets, etc and they were no good where I am now.

Thanks heap

Maggie

[Tan]

Yes, you do need to repay the GST on the house, but not the chattels (they become part of the value of the house). It will probably be more - ie if the house had gone up by 20% during the time you had been claiming GST, you will have to pay 20% more back. But it was an interest free loan on that money in the meantime.
If you have an office in your new house, you can claim on that.

Depreciation would be paid on the difference between the book value and value when sold. Look in your last set of accounts for the book value.

[looseleaf]

I'm sorry but that sounds like complete and utter rubbish... You have to pay GST and clawback depreciation based on the VALUE of the items disposed of (blinds, carpets, curtains) and that is all. Though I find it strange that you are even depreciating those items in the first place...

[maggiesouthgate]

Thanks Tan and looseleaf.

I only claimed GST on the carpets, etc and NOT the house. I claimed some of the GST and depreciation because it was part of my home office...which I was told was ok looseleaf. I later sold the house - how would I value the chattels that I sold? Thanks, Maggie

[looseleaf]

Depreciation on items like carpet etc for a home office claim is generally more agressive than I am comfortable with... To get a value you basically guess -book value is a good guide (plus anything at or below book value and you don't have to worry about the depreciation clawback). Just ask yourself "how much could I reasonably sell these for?" -the answer is probably not very much...