Commercial purchase in NSW (not residential withholding) - Price excludes GST. In PEXA is the gross consideration amount entered in the Transfer the GST inclusive price? I'm assuming that it must be in order to pay it.
I am confused as this shows on the Transfer as consideration, as in the old paper world it would not be on the Transfer? The price is $168K excl GST.
I have recently processed a similar matter and we did not include GST in the transfer consideration because the consideration under the contract was exclusive of GST.
The GST was then added as a settlement adjustment in the 'financial settlement schedule' as it would normally be added to the settlement statement, to result in the GST being paid as part of settlement. The transfer should only reflect the contract purchase price, as the transfer is the document registered at LRS and the LRS is not concerned with GST.