Question 3 (15 marks) Fadi owns a rental property in Sydney. The property is a two-storey...
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Question 3 (15 marks) Fadi owns a rental property in Sydney. The property is a two-storey townhouse. Downstairs is designated as a barber business and the upstairs is residential accommodation. The property has been rented for 12 months to Marcus, the owner of the barber business. He has been residing upstairs and operating his barber business downstairs during business hours. The rent paid for the property for the period was $110,500. The market rent for the residential section of the property for the period was $30,500 for the period and $80,000 for the barber level. What are the GST consequences for Fadi? Your answer must refer to relevant GST legislation to receive full marks. Assume the figures include GST where applicable. (15 marks) Question 3 (15 marks) Fadi owns a rental property in Sydney. The property is a two-storey townhouse. Downstairs is designated as a barber business and the upstairs is residential accommodation. The property has been rented for 12 months to Marcus, the owner of the barber business. He has been residing upstairs and operating his barber business downstairs during business hours. The rent paid for the property for the period was $110,500. The market rent for the residential section of the property for the period was $30,500 for the period and $80,000 for the barber level. What are the GST consequences for Fadi? Your answer must refer to relevant GST legislation to receive full marks. Assume the figures include GST where applicable. (15 marks)
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Answer rating: 100% (QA)
In Australia the Goods and Services Tax GST legislation applies to the supply of goods and services including rental properties According to the relev... View the full answer
Related Book For
South Western Federal Taxation 2017 Essentials Of Taxation Individuals And Business Entities
ISBN: 9780357109144
20th Edition
Authors: William A. Raabe, David M. Maloney, James C. Young, Annette Nellen
Posted Date:
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