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?
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.
Is this in Sydney? If so which council?
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Yes, Sydney in Sydney City Council
Yeah, I think it's best to consult directly an expert regarding this matter.
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