[abrogard]

my ex partner and I jointly own four houses.
neither of us is registered for gst
I have an abn (but do no business). she does not.
two of the houses we've got rented out.
are we conducting an enterprise?
if we sell one it'll be gst liable?
should we formalise this arrangement as a partnership or something?
should we be keeping some kinds of records?
what ought we be paying attention to?

 

[JandE]

my ex partner and I jointly own four houses.
neither of us is registered for gst
I have an abn (but do no business). she does not.
two of the houses we've got rented out.
are we conducting an enterprise?
if we sell one it'll be gst liable?
should we formalise this arrangement as a partnership or something?
should we be keeping some kinds of records?
what ought we be paying attention to?

When you sell them you will be liable for tax on the profit you make.

You also need to declare your rental income and expenses on your tax return every year.

Yes, you should be keeping full records.
You will probably need to use an accountant, to get things just right.

 

[abrogard]

thank you.