All Topics / Help Needed! / GST when selling a new house

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  • Profile photo of jmsracheljmsrachel
    Participant
    @jmsrachel
    Join Date: 2012
    Post Count: 711
    August 30, 2012 - 10:25 am

    Hi everyone,

    Been reading a few older posts today and from what i can see if you build a new house and sell it say in 6 months time you have to pay GST.

    So for example, if i build a new house and sell it for $300K, i need to pay $30K GST. This confuses me as aren't you really paying GST twice? You pay GST on the materials to build the house and then GST again on the final price?

    Have i missed something here?? I thought GST was only for the commercial side of things. 

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    August 30, 2012 - 11:32 am

    New residential too – first 5 years after becoming new.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 2 posts - 1 through 2 (of 2 total)

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