Hi,
I Bought a zero rated apartment, and also sold it zero rated to another GST registered buyer. For the GST paid to the agent, can I claim GST credit for it i.e consider the agent commission as part of the 'Purchases and Expenses? The GST portion of the commission exceeds the gst on the rental collect (the amount that I need to submit for the GST return. If the commission gst can be considered as GST credit, does it mean the IRD will pay me back the difference?
Also, is the sale commission be considered as part of the expenses of the business? If yes, the commissioned paid is more than the rental collected - so no income tax. Am I correct on this?
Appreciate advice on the above. Thank you very much.
I Bought a zero rated apartment, and also sold it zero rated to another GST registered buyer. For the GST paid to the agent, can I claim GST credit for it i.e consider the agent commission as part of the 'Purchases and Expenses? The GST portion of the commission exceeds the gst on the rental collect (the amount that I need to submit for the GST return. If the commission gst can be considered as GST credit, does it mean the IRD will pay me back the difference?
Also, is the sale commission be considered as part of the expenses of the business? If yes, the commissioned paid is more than the rental collected - so no income tax. Am I correct on this?
Appreciate advice on the above. Thank you very much.
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