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Classifying property correctly where it is leased, sold or acquired is crucial from a bookkeeping standpoint. Correct classification ensures the correct GST treatment is applied to the supply, and also ensures that the GST credits are claimed correctly. Continuing our property-related series, this BKB focuses on commercial residential properties, featuring everything from hotels to school accommodation to caravan parks, all the way through to marinas. From time to time as a bookkeeper you will be called upon to account for this style of property on behalf of your clients.
