No GST help for leaky building repair costs
The issue has been a vexed one for some time. Normally, there would not be much point in a body corporate registering for GST because most are in a neutral position with outputs closely matching inputs.
But that changes when there is a big bill to pay to fix a leaky building. Many repair jobs cost millions of dollars.
The argument about whether GST refunds should be available on those bills has gone back and forth for some time.
The IRD has said it does not think bodies corporate should be able to register for GST. But in two court cases, it conceded that bodies corporate were carrying on a taxable activity and could claim back the GST content of repair work, wben though no GST was paid, nor input tax credit claimed, on the compensation payment.
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