All Topics / Commercial Property / Converting Commercial to Residential

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  • Profile photo of MunzMunz
    Member
    @munz
    Join Date: 2013
    Post Count: 5
    May 2, 2013 - 1:48 am

    I'm looking at purchasing a mixed zone property in NSW that is in a residential strata building. It's currently configured as an office space with full bathroom plus powder room and kitchenette. I was thinking of adding a kitchen and reconfiguring to 3 bedrooms. The property attracts GST on the price. If I convert to residential and want to resell in the future do I have to charge GST on the sale price? Is there anything I need to be careful of in this situation?

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856
    May 2, 2013 - 8:53 am

    You probably won't be charging gst on the sales price however the sales price will require you to remit gst. You are probably best served by talking to a speciaist accountant who can take your situation into account.

    Profile photo of TheFinanceShopTheFinanceShop
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    @thefinanceshop
    Join Date: 2012
    Post Count: 1,271
    May 2, 2013 - 12:13 pm

    Is this in Sydney? If so which council?

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    Profile photo of MunzMunz
    Member
    @munz
    Join Date: 2013
    Post Count: 5
    May 2, 2013 - 7:49 pm

    Yes, Sydney in Sydney City Council

    Profile photo of leaderscorpleaderscorp
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    @leaderscorp
    Join Date: 2013
    Post Count: 13
    May 23, 2013 - 6:27 am

    Yeah, I think it's best to consult directly an expert regarding this matter.

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