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GST on selling newly build propertycorhig [37 Posts] I have just been advised that if we sell a newly constructed property within 5 years of being built, we will be up for GST (unless its PPOR). Does anyone know if this is correct? newbi2 [199 Posts] yes, but if the previous vendor was not GST registered (ie usual resi sale) then you may be able to apply the margin scheme (search ATO website for info). Also, as I was advised, if you make it a PPOR but it is previously documented that your intent was as an investment, then you dont get the PPOR exemptions. Watch out, check your figures and concult an accountant knowledgeable in this area.   |
User loginIn The NewsRBA Rate Drops Rate The RBA has just announced a 100 basis point drop to its benchmark cash target rate. Developers Expectant The Federal Government's $1.5 billion first-home package has stimulated the development market. RBA Rate Cut RBA delivers investors an early xmas present by cutting its benchmark by 75 basis points to 5.25% Today's TipYou should never pay more than 30 cents in the dollar in income tax <more> Active forum topicsBreaking a fixed interest contract Author: marie07 Where is the bottom Author: wealth4life.com Who's OnlineTake The Test
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