Builder GST Calculator

The use of Builder GST Calculator requires careful analysis of Revenues and Expenditure incurred by the business. The expenses incurred must be matched against revenue generated in the given period. The Builder GST calculator only gives you an estimated figure. For accurate figure, Please use the service of a Qualified Tax or BAS agent.

Following points must be remembered while estimating your GST Liability or GST Refund while using Builder GST Calculator.

• Make a list of income received from all sources. Classify income as GST inclusive and GST Free items.
• Group all the expenses on which you have being charged GST and expenses where no GST is charged.
• Make sure you have evidence to support the value of income and expenses.
• Where expenses have business and private use, Try to determine and place business use of expenses only.

In Builder GST Calculator is effected by the method of accounting used for GST reporting affect your GST Liability or GST Refund. In cash based method, We need to include all income and expenses where transaction has been paid or collected. Whereas in accrual system, transaction is included on the basis on occurrence rather than collection or payment of cash.

The items on which cannot be claimed or charged are known as “Input Tax Supplies”. They are further classified as “Input Tax Sales” and “Input Tax Purchases”. It is imperative to determine the kind of income and expenses dealt by a given entity. Accordingly the list of  expenses and income can be drawn and assessed for reporting in Quarterly BAS Return. Some common items that comes into theses categories are listed below.

Input Tax Sales: Interest income; Dividends income; Residential Income

Input Tax Purchases: Financial supplies which relates to money or currency; Expenses incurred for maintaining a residential rental property; Trading of precious metals; Foods items delivered to college canteen; Charitable events.

The Builder GST Calculator is based on the way figures are extracted and summarized.

Builder GST Calculator – Online Form

Tax Effect

Changes in “Negative Gearing”

After 1st July 2017; the taxpayer will able to deduct NET RENTAL LOSSES if it comes from NEWLY CONSTRUCTED PROPERTY only.

All investments made before this date will not be affected by this change and will be fully grandfathered.

Clarification:

It means that the tax payer can take full advantage of investing in old houses as well as in new houses till 1st July 2017. After that the tax payer will only be interested in investing in new properties

Changes in “capital Gain”

All assets purchased after 1 July 2017 can only get a discount of 25% (Previously it was 50%) provided they are held for more then 12 months.

All investments made before this date will not be affected by this change and will be fully grandfathered.

Clarification:

Previously a capital gain made on investment was reduced by 50% and remaining 50% was shown in individual tax return

After 1st July 2017, the capital gain from investment property can only be reduced by 25% and remaining 75% need to be shown in Individual tax return.

Links:

https://www.business.gov.au/info/run/tax/register-for-goods-and-services-tax-gst