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Author: randyandy Timestamp:- 30/7/2012 7:34:48 PM Subject: GST on sale lots
Message: Just reading through the catalogue for the Inglis August sale, and noticed that some lots (mares) have varying amounts of GST added to their sale price, 25%, 40%, 50%, all different amounts,while others have no GST, is this to do with being in foal, imported, who the vendor is, whether they are registered for GST or not?
Message: Yes that is the percentage of GST you add onto the sale price. It may mean for example: say 2 owners own 50% each, one is a hobby owner that doesnt claim GST and the other runs their horses as a business and does claim GST therefore the GST is only paid on the % the owner using it as a business owns. If there is nothing noted next to the lot number that means that 100% GST is payable on that lot. You will also see (no GST payable)sometimes which is for a hobby owner that is not claiming GST. hope that is clear
Author: Picol Timestamp:- 7/8/2012 9:24:54 AM Subject: Re: GST on sale lots
Message: All dependant on who owned the horse, some owners are hobby owners while some are registered for GST. So if a syndicate owned the horse some it comes down to the individual owners GST status
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