GST Question

Hi Team and thanks in advance for any advice. (I have reached out to my accountant but he still hasn’t replied!)

Tomorrow I plan to purchase a two titled lot which is currently under one rates bill. 1 lot has 2 houses (not dual occ), 1 lot only has a garden shed and an enroaching carport we will remove. The plan is to tidy up the house site and resell, then either sell the block vacant or build and sell.

I have spent the last few hours googling GST rules as we are trying to decide whether to buy it in personal names or in our Pty Ltd carpentry business.

Am I correct in understanding, that even if we buy within the company, that if we only do minor cosmetic works on the house with zero structural changes, that the house site will NOT be liable for a GST payment despite buying in the Pty Ltd and we only pay tax on the profit? I understand we can’t claim GST on the funds used to complete the tidy up though?

Then when we sell the block, we WILL be liable for GST on the sale as that is basically ‘new’ as the title is being released to be used as its own new block for building.

Just wanted to check I’ve understood the myriad of information I’ve read online correctly! Thank you :)

• This topic was modified 20 hours, 29 minutes ago by  Firefly.