Frequently Asked Questions: Ownership
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Do you have to enter all ownerships?
No, but be carefull on how you set up ownership. It there is only one owner entered it is assumed that you have entered yourself. The property/holding will be included in all GST calculations. There is no need to enter yourself as the owner if you own the property/holding 100%. If you enter two or more owners, it is assumed that the property/holding will have its own GST registration and will require its own GST report.
How is GST and holdings managed?
The GST report works by calculating the GST per property and then summing the properties together, if the properties are part of the same holding. If a holding includes other holdings, all these properties will also be included. A GST report can be run for any holding or property.
How is GST and multiple property ownership managed?
If a property is assigned to a holding and the property has two or more owners, it is not included in calculating the GST for the holding. It is assumed that this property will have its' own GST registration as is required by the powers to be. If it is the holding (and not the property[s]) which has more than one owner, the property(s) will be included in the holding's GST calculation. If it is a holding that has two or more owners, it will not be included in its' holding's GST calculation (assuming it is part of a holding). For all other calculations (such as portfolio performance) the property ownership's percentage is used.
Why do all the ownership not have to add up to 100%?
The two things you will be most interested in are producing the GST report and performance etc for your share of the properties with multiple ownership. For the GST reporting you need to enter at least two owners. This would include yourself (with the correct ownership percentage) and at least one other so the system knows there is multiple ownership. Only your percentage is used for performance etc analysis. Any other percentages any any extra owners you would only enter for your own information. Note that if you enter only one owner (yourself maybe) with less than 100% ownership, you have made a mistake.
