Home > GST > GST-registered businesses > Working out your taxes > Common scenarios - Do I charge/ deem/ claim GST > Others

Others

 

  • Business assets include old furniture, office equipment and non-residential property. Generally, you have to account for GST (i.e. output tax) when you:

    • sell your business assets (including disposal of or transfer of asset to another party with consideration received); and
    • dispose of, transfer or give away your business assets for free and these assets still have market value, unless exceptions apply.

  • A trade-in transaction is treated as two separate supplies for GST purposes. When you accept trade-ins, you (the supplier) must charge GST on the full selling price of your goods and not on the net difference.

  • You are required to account for GST when your business assets are put to private or non-business use for free, if you have been allowed input tax on the purchase or import of those assets.
  • When you sell or lease non-residential property, GST is applicable if you are GST-registered.
  • You may claim the GST incurred on the purchase of a motor vehicle if it is not disallowed under the GST law. You need to account for GST when you sell the motor vehicle even if you are not entitled to claim input tax for the purchase.
  • You must report interest from bank deposits, loans and trade debts when you file your GST returns whether received from a local or overseas entity.

  • When a financier enters into a hire purchase agreement with a hirer, the financier makes two supplies to the hirer for GST purposes. They are the supply of goods and the supply of financial service (instalment credit finance).

  • Assets (e.g. property, equipment) belonging to a business may be sold or rented by a third party such as a creditor, to recover a debt. When the third party sells or leases an asset in satisfaction of a debt, he must account for GST on the sale proceeds or lease payments if the asset owner is GST-registered.
  • GST-registered persons that are in the course of winding up their businesses are entitled to claim input tax on expenses incurred to terminate their businesses subject to the attribution and apportionment rules under the GST legislation.

  • Like any other GST-registered persons, GST-registered non-legal entities are entitled to claim input tax and required to account for GST on the purchase and supply of business properties respectively.