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I bought a small area of land in 1989, no GST claimed. I…

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Hi, I bought a small...
Hi, I bought a small area of land in 1989, no GST claimed.
I started a small business in 1990, registered for GST, built 2 sheds and claimed the GST for the building materials.
In 2012 I stopped trading, wife died in a car accident and son had terminal cancer so no time to run the business.
I continued to file a zero return.
In 2016 IRD asked me to deregister which I did, on 31/08/2016
In my final return, I did not account for the 2 sheds.
Do I now need to file a voluntary declaration, outlining this oversight?
Do I need to get a market valuation of the 2 sheds?
Have the 2 sheds not devalued over the 26years to zero?
Are the 2 sheds still classified as a business asset?kind regards
Garth Andrews
Submitted: 7 months ago.Category: New Zealand Law
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Answered in 2 hours by:
1/14/2018
Solicitor: Chris The Lawyer, Lawyer replied 7 months ago
Chris The Lawyer
Category: New Zealand Law
Satisfied Customers: 23,842
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Solicitor: Chris The Lawyer, Lawyer replied 7 months ago
The sheds become a fixture on the land and are not dealt with separately. I think it likely they have a law value, but you don’t have any obligation about GST unless there is a transaction. From your description there has not been any relevant transaction and so no liability has been occurred and there is no need to do anything.
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Solicitor: Chris The Lawyer, Lawyer replied 7 months ago
Low” value I mean
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Customer reply replied 7 months ago
ok I am in the process of selling the property, land, and sheds, what is the GST liability ?
Solicitor: Chris The Lawyer, Lawyer replied 7 months ago
You won’t be selling the sheds separately so since the land won’t be liable the fixtures, like the sheds, also will not incur liability
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Customer reply replied 7 months ago
Thank you, ***** ***** relief
Solicitor: Chris The Lawyer, Lawyer replied 7 months ago
Glad to help
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