How did you determine it to be a new property, Terryw? Was it partitioned off a block of land or from your PPOR? From what I have been reading, if you are not registered and it is not a furthering of an enterprise then there should be no GST only CGT.

By the way, Terryw, though it is true the purchaser pays the GST and the vendor remits it to the ATO the practicalities seem to be the opposite. For example, if a block of land is valued by agents at $300k to achieve a sale and the price set by other land sales in the area (land sold as sub-divisions from PPOR land) then your ‘new’ land will…[Read more]

Yes, but this is where it gets interesting (or expensive). From what I am reading from the ATO site, the property is considered to be a partition ad therefore GST is payable (hopefully margin schemed) at point of partition. It seems the rulings are clear on this. But what does that mean for a future sale? (1) GST on partition into two titles…[Read more]

Yep, onto it. Thanks, duckster.