REIWA GST Annexure & Joint Form of General Conditions
REIWA standard annexure is rather straight forward.
Annexure to be attached to Offer and Acceptance Contract and a special condition noted on the Contract. Relevant choice to be selected and signed. Other 3 choices should be deleted.
JFGC – Condition 18 – rather straight forward – The provisions of this condition applies to all contracts unless otherwise expressly stated in the contract
If GST is being paid at settlement, seller must provide tax invoice to buyer, unless margin scheme applies
Tax invoice to be provided to buyer prior to settlement
Tax invoice should contain the following minimum information:
- must be titled “Tax Invoice”
- name of seller/entity selling property
- entity’s ABN
- address of property being purchased
- buyer’s details (ensure they are correct, ie. in case of trustee etc)
- purchase price
- gst payable
- the total amount payable
This information has been gleaned from several sources.
Any information contained herewith is our interpretation of information and is opinion based only and is not to be taken as legal or accounting advice
Sales representatives and Settlement Representatives should always recommend to their clients to seek accounting and/or legal advice in regards to GST before entering into any Contracts