April 1 marks a significant change in the GST tax treatment of mixed-use assets.<\/p>\r\n\r\n\r\n\r\n
Taxpayers can claim 100% of GST for expenses relating to the income-earning use of a mixed-use asset, for example, the cost of advertising a holiday home online.<\/p>\r\n\r\n\r\n\r\n
However, working out GST claims for expenses relating to both the income-earning and private use of the asset has been more difficult to establish.<\/p>\r\n\r\n\r\n\r\n
In the past, a complex calculation has been needed to apportion GST expense claims relating to both income-earning and private use.<\/p>\r\n\r\n\r\n\r\n
As of this month, GST calculations for mixed-use assets have been simplified. You no longer need to use the old method and general apportionment and adjustment rules<\/strong> will apply instead.<\/p>\r\n\r\n\r\n\r\n Remember, if you have a mixed-use asset, such as a boat, bach, or plane, please keep records on how and when it is used for business or private purposes.<\/p>\r\n\r\n\r\n\r\n If you\u2019re unsure about these changes, give your adviser a call.<\/p>\r\n","protected":false},"excerpt":{"rendered":" April 1 marks a significant change in the GST tax treatment of mixed-use assets. Taxpayers can claim 100% of GST for expenses relating to the income-earning use of a mixed-use asset, for example, the cost of advertising a holiday home online. However, working out GST claims for expenses relating to both the income-earning and private …<\/p>\n","protected":false},"author":2,"featured_media":4114,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[692,490,493],"tags":[697,699,700,701,702],"yst_prominent_words":[344,345],"yoast_head":"\n