Thankyou for your reply Chris, this has nothing to do with Resthome Subsidy as we are 58 years of age.
The question is you can only have one market value, so is that market value allowed to have GST in it or should it be subtracted. One Valuer believes it should be GST inclusive and our Lawyer thinks so too. Our Accountant and two Valuers say 'that only land under 2 Hecs and especially with houses on them have a market value GST Incl.
They say land larger than 2 Hecs should not in this case have any talk of GST on.Which mean the 3 hecs left shouldn't have GST in the market Value or would the whole 5 Hec have no GST? If the valuation at present is $410,000.00 GST Incl. does our son pay this price or do we deduct GST of 15% off this figure.
Thanks Chris, I will have to wait until my husband comes back in to ask him some questions. I will be intouch thankyou
I have just talked to my husband and he said, the purchaser is Unregistered for GST and the vendor (which is our Trust)is Unregistered, so why should a Valuer value be able to value the property GST Incl. when he was advised the Vendor and Purchaser were both Unregistered for GST?If our son decided in years to come to grow a crop such as strawberries or kiwifruit and decided to Register for GST, could he then claim back the GSTwhen he Registers from the orginal price of the land? Thankyou very much.
Thankyou Chris, but how do you get a true market value if the Valuers are told of all sales, generally in a GST incl. price and which they do their valuing from?So how do you get a true market value when we are not going on the open market and trying to do the fairest thing for our family? What is your interpretation when one Valuer values GST inclusive and the other Valuer Exclusive and we need to know the market value and they are both at $410,000, one $410k Incl and one $410k exclusive. What it the market value? Why wouldn't one be approximately $350k GST excl. and the other $410k incl. we find this very confusing. and only want to do the right thing. thanking you.
Thankyou Chris, you have been most helpful, have a nice weekend. Bye Heather
yes thanks very useful.
Ok, glad to help
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).