You might not consider the property that you want to buy as goods or a service, but there are some situations in which paying GST on your purchase is something to consider.
Generally, GST isn’t payable when you buy residential premises that aren’t brand new. It may have to be paid, though, on vacant land, new residences or commercial premises.
The contract of sale should state clearly whether the purchase price includes any GST or whether GST is payable in addition to the purchase price.
It’s important to know if you’re up for GST, because not only will you have to come up with the extra 10% of the purchase price, your stamp duty will increase too.
If you upload your contract into our Advice Centre before you sign, then as part of our advice to you we will explain how GST applies to the property you want to buy.