toniinfanteMember@toniinfanteJoin Date: 2005Post Count: 5
Steve recommend to use companies to buy investment properties, which I think make sense. However in his book there is never mention of GST in the number crushing. How does that work ???TerrywParticipant@terrywJoin Date: 2001Post Count: 16,190Scott No MatesParticipant@scott-no-matesJoin Date: 2005Post Count: 3,850
for other property, you ignore the effect.lifeXMember@lifexJoin Date: 2004Post Count: 651
You need to keep an eye on the GST when regularly developing (ie: more than once),
Ie; Dual Occ Sub divisions,
Or even major reno’s ……..
My understanding was that you may have to charge some GST on the price you sell for , in these circumstances.
… And that now the ATO considers you to be in the business of developing, then you may also lose the 50% capital gains discount and start paying full income tax rates on all profit…….
Definately worth a chat with accountant prior to planning a deal just in case the tax man steals all your profit.
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