All Topics / Legal & Accounting / GST on a subdivision

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  • Profile photo of Naremburn123Naremburn123
    Member
    @naremburn123
    Join Date: 2008
    Post Count: 61
    April 27, 2011 - 2:34 am

    Hi guys,

    I'm looking at a torrens title subdivision with a battle axe on a block of land in NSW. I'm then going to reno the front house and sell the back block off just as land. Which the council allows.

    Does anyone know if I am liable for GST on this deal?

    I thought you only paid GST when you built? Is this correct?

    Any advice would be appreciated.

    Naremburn.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    April 28, 2011 - 8:10 am

    I beleive new land = GST.

    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

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856
    April 28, 2011 - 9:16 am

    you may need the services of a valuer to quantify land values & accountant to determine any gst payable.

Viewing 3 posts - 1 through 3 (of 3 total)

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