All Topics / Help Needed! / gst on new build

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  • Profile photo of ManishgaManishga
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    @manishga
    Join Date: 2023
    Post Count: 0

    we started building 2 houses on a land (subdivision project) with a plan to sell after completion. we claimed the gst on construction and goods from the beginning.

    once the construction is completed, in case we changed our mind and rent the properties, I understand we need to pay the gst back in 5 years depends on when we sell them.

    do we need to pay any penalty to ATO as well?

     

    TIA

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