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I have just been advised that if we sell a newly constructed property within 5 years of being built, we will be up for GST (unless its PPOR). Does anyone know if this is correct?
yes, but if the previous vendor was not GST registered (ie usual resi sale) then you may be able to apply the margin scheme (search ATO website for info). Also, as I was advised, if you make it a PPOR but it is previously documented that your intent was as an investment, then you dont get the PPOR exemptions. Watch out, check your figures and concult an accountant knowledgeable in this area.
Mick
Viewing 2 posts - 1 through 2 (of 2 total)
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