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| GST - Basics |
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Lessors cannot charge GST on rental income they receive from tenants of residential properties.
The supply of the residential property by a lessor to a tenant is an input taxed supply.
Input taxed supplies are not subject to GST.
Residential lessors pay GST on some property expenses, such as insurance premiums
and repairs and maintenance but cannot claim a refund of the GST included in the cost of these items.
The lessor is treated as the final consumer who pays the GST.
The renting of commercial properties is a taxable supply. Commercial rents are subject to GST, and GST included
in the expenses of commercial renting can be claimed back as an input tax credit.
So Where the lessor rents a residential property and commercial property the expenses and rents relating to residential
property must be separately recorded.
Only the rentals and expenses from commercial property rentals are recorded in the Business Activity Statement (BAS).
§ Where commercial property is rented for residential use, the rent is not subject to GST, and GST included
in the expenses can not be claimed back as an input tax credit;
§ GST is payable on rents from a residential property rented for commercial use, and GST included
in expenses relating to that property can be claimed back as an input tax credit.
§ Special provisions apply to caravan park owners and to the proprietors
of certain classes of rooming houses.
It is notable that residential rents are free of GST,
but residential lessors can't claim GST paid on expenses.
But doctors and dentists, whose fees are also GST free can
claim back the GST paid on their expenses.
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Advertising space for services for property owners
is available both on this website and in our newsletter.
Phone 04 13 99 52 06
We will place on our website free of charge the business card
of enterprises offering discounts to our members.
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ADVANTAGES OF MEMBERSHIP ARE:
- Receive advice on management, repairs, tenant/owner relations and Tribunal hearings;
on problems due to Federal, State or local Government, or actions of other groups.
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POAVIC makes submissions to governments and gives input into legislation, and provides
direction, e.g. with respect to Anti-Discrimination laws.
- Attend our regular workshops and receive our
Newsletter for up-to-date rental industry knowledge.
- Use our Tenancy Agreement forms
and Document Pack for Residential and Commercial Tenancies.
- Membership is tax deductible from rental income.
TO Join POA
To join the POAVIC Select this application form (using the mouse)
then insert into your mailer program, fill-in the blanks and
Email to enquiry@poavic.org
APPLICATION FOR
MEMBERSHIP
Property Owners' Association of Victoria Inc
I hereby apply for membership in the Property Owners' Association of VIC Inc [ ]
as ordinary member for year......
I have transferred my membership money $50.oo per annum on . . . [date] to
Property Owners'Assoc
BSB 083427 Account No 696007840
Using my name as transferee.
NAME .................
PHONE ....................
ADDRESS
POST CODE
EMAIL
INTERESTS: RESIDENTIAL [ ] COMMERCIAL [ ] OTHER [ ] . . . .
I am interested in Joining Committee and/or subcommittees of POAVIC ? Yes/No
DATE ....................
The Association publishes a newsletter quarterly,
Property Owners' News, that provides very useful information for
members in hard-copy form. It also publishes document packs & Guides for
Residential or Commercial Tenancies, Selection & management of agents,
Trades, Cleaning Standards etc - $10 each to cover costs. The Guides
includes sample leases, flow charts, Tenancy Info kit for tenant, & helps
you prepare Property Information kit and Council Bin etc
Information.
Can email samples if members advise type of
premises.
Click to return to the Home Page of the Property Owners' Association of Victoria
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| Join the POAVIC Now |
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The POAVic offers its members seminars, training, an opportunity to meet and
exchange ideas, and a source of reliable information on issues affecting
the owners of residential property - including not only houses and apartments,
but boarding houses and backpackers. By joining -- your support will enhance
and strengthen our scope to influence governement (and opposition) policies
that affect us. We supply practical help and advice on the various issues affecting property
management. Its wise to join now in advance of any sudden issues.
Click here to download our brochure.
as a PDF.
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| Notes on the Retail Leases Act |
What is included in the RLA?
The Act covers far more than shops --
it covers any business that sells a good or service, so it can include all retail premises, most offices and some industrial.
Security Bonds/Deposits
These monies must be held in a specific interest bearing account and the interest needs to be partly distributed to the tenant. Statements need to clearly show the interest paid.
Land Tax is excluded
Land Tax is not recoverable under the Act and to attempt to do so is in fact now an offense.
Leases and Disclosure Statements
A draft lease and disclosure statement needs to be provided to a prospective tenant as soon as negotiations commence.
This is a chore -- but keeping to the book avoids later problems.
Outgoings
Either budgeted itemised outgoings for both the year past and upcoming and copies of outgoings invoices are to be supplied to the tenant.
Lease periods under 5 years
If the lease term and the first option period are under 5 years you must request permission from the Small Business Commission.
Compliance Issues
Whether the paperwork required under the RLA is appropriate or ultimately workable is immaterial.
This new regime is the law. Penalties are substantial and the mediation process is very time consuming. It is a lot easier to comply.
Acknowledgement
These notes are derived in part from remarks made by Mr
Richard O'Callaghan Chairman of the C&I Chapter of the REIV.
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| Combined Residential/Retail |
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The above is a pix of two typical suburban shop cum dwellings.
It is possible for the owner to become embroiled in dealing with
both the Residential Tenancy Tribunal and the Retail Tenancy Tribunal
in dealing with such a property - despite leasing
the combined shop and dwelling to a single
occupier. The POAVIC aims to both inform members as to present issues
and to make representaions on their behalf as to ways in which regulations etc can be improved and clarified.
Land tax relief doesn't soothe
Download this Jun 1 2006 article from the Herald-Sun.
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A member of POAA
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Property Owners Association of Victoria Inc.
PO Box
620, South Yarra, Victoria 3141
General Enquiries: 0403 008 090
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