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tudor

How many hives to make you Semi-Commercial?

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Ok..that explains the reaction I saw from a farmer years ago selling some land...The highest offer for the land was made by a buyer not registered for gst...man he was jumping up and down..

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So the $XXX plus GST if applicable is the sale price to unregistered buyers.

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Ours is only a lifestyle block and many people aren't GST registered for such a small block of land.

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Ours is only a lifestyle block and many people aren't GST registered for such a small block of land.

Unless you sell to a retiring farmer

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So the $XXX plus GST if applicable is the sale price to unregistered buyers.

That's how I understand it.

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Yes thats true but theres alot of better blocks available than ours so dont think we would be that lucky.

Not thinking of selling up till we quit bees, theres far too much junk to shift :(

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Yes thats true but theres alot of better blocks available than ours so dont think we would be that lucky.

Not thinking of selling up till we quit bees, theres far too much junk to shift :(

Perhaps the IRD will change the rules by then. Periodically they have a tidy up. As @Over Worker pointed out, it's expensive getting out of business so I wouldn't hold my breath though

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By the way @frazzledfozzle , there are ways to legally manipulate the value of the house compared to the land. The house and title usually carries most of the value on small blocks, and doesn't attract GST, leaving the land at minimal value with little GST to pay over the value of the whole place. Possibly its not as bad as you think

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The same applies to vehicles. .If you sell or close your business and keep the vehicles for your own personal use you have to pay back any gst you have claimed on them...it's not a trap...just a benefit you pay back courtesy of IRD

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Not thinking of selling up till we quit bees, theres far too much junk to shift :(

 

ahahaha.. I've said exactly those words about our place.. and we're just a suburban section.

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Himself and I will join you two, too ;)

And us.

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I do the books for my husband's taxi and this is the first year he has paid provisional tax, about five years in.

He is GST registered as the fares he charges include GST so no choice about it, but it's easy to budget for and no accountant required. I also do his tax return.

Small businesses go under because they don't make enough money ,or take too much money out, not because of GST or tax.

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