It is crucial to understand the total amount you will need to pay at settlement, including whether or not you may need to account for Goods and Service Tax (‘GST’) that may be payable in addition to the purchase price. Under the standard NSW contract, the purchase price noted on the contract front page is inclusive of GST unless otherwise specified.
This is essential for financial planning to ensure a smooth and successful property transaction. Make sure to clarify any uncertainties with your financial advisors and legal representative to avoid any unexpected financial burdens at settlement. This due diligence will help ensure that you are fully prepared for the financial commitments involved in purchasing the property.
If GST is applicable to the purchase, you can also seek advice from a tax professional if you can claim a GST credit.
Disclaimer: Every property transaction is different, and the information provided may not be relevant to your circumstances. By using this site you agree that the information provided is for general purposes only and does not constitute legal, financial, or professional advice.
