GST issues when purchasing commercial land

If you sell commercial premises, such as shops and factories, you are generally liable for GST on the supply.

If your commercial premises is leased at the time of it being sold, you may be able to treat your supply as a GST-free sale of a going concern.

If you are selling commercial premises, it is important you consult with your solicitor to ensure the Contract for Sale is drafted appropriately to minimise your GST liability.

Should you have any questions or queries concerning your GST liability when selling or purchasing a commercial property, please contact our office.