Input Taxed Sales (Label G4)

A business cannot charge GST on input taxed sales and it is not entitled to credits for GST paid on purchases and expenses related to making these sales.

Include amounts received for the sales at Label G4. Amounts entered at Label G4 should also be entered at Label G1.

Enter amounts for the following input taxed sales:

• Financial sales

• Lease or hire of residential premises

• Long-term accommodation in commercial residential premises if a choice is made to treat the sale as input taxed

• Sales of residential premises (that is, houses, flats and so on), except for commercial residential premises or new residential premises.

• Precious metals (gold, silver and platinum of specified levels of fineness sold in an investment form) except those sales which are GST-free, and

• Food by school tuckshops and canteens if they choose to treat the sales of food as input taxed and they sell nothing other than food.

Financial sales

Include the total amount earned from making financial sales.

A business may make financial sale even though it is not a bank, credit union or other financial institution. For example, it will have made a financial sale if it provides a credit advance by providing a customer with goods on credit for a fee.

Include any amounts earned on credit advances and similar sales if such amounts exceed $50,000 in the previous 12 months or the next 12 months (including the current month), or 5% of annual turnover, including financial sales.

However, do not include the amount for the sale of the goods. Include this amount at Label G1.

Residential premises

Include amounts for renting or leasing residential premises other than commercial residential premises. Include amounts for providing long-term accommodation in commercial residential premises only if the business chooses to treat the sale as input taxed. Other amounts for renting or leasing commercial residential premises should be included at Label G1.

School tuckshops and canteens

If the business is a non-profit body operating a shop such as a tuckshop or canteen and:

• the tuckshop or canteen sells food on the grounds of a primary or secondary school

• the tuckshop or canteen does not sell anything other than food, and

• the business has chosen to treat all sales of food as input taxed.