can i claim back GST when doing my plans and permits, as im building a unit behind my existing PPOR.
The unit im building i will go and live in once completed.
Correct me if I’m wrong but I think unless it is through a company structure you will be unable to claim GST because GST is not charged on residential rent. I should know this but I have gone blank, I will look into it for you if you dont get anyone correcting me. Are you personally registered for GST? (If you are not it makes your question a lot easier)
Rhys
Hi Property Passion,
The answer is no.
In order to claim GST, you must either be registered or required to be registered. This means that is must be in the course or furtherance of an enterprise.
Simply put, if you were building the property to on sell, you would be regarded as running a business and be required to register for GST. You would be able to claim the GST credits however GST is also payable on the sale of new residential property.
As the property you are building is your PPOR, you will not be able to claim GST or a tax deduction.
Regards,
Mark Unwin
Williams Partners Pty Ltd
http://www.wp.com.au
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