Do I pay GST?

Discussion in 'Accounting & Tax' started by dan2101, 28th Jan, 2016.

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  1. dan2101

    dan2101 Well-Known Member

    Joined:
    8th Jul, 2015
    Posts:
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    Location:
    NSW
    Hi people,

    General question. If I purchased a block of land, built my brand new PPOR on it, moved into it for just over one year then sold it (didn't end up liking the suburb etc) am I liable to pay GST because it's a new house sold within 5 years?

    Thanks

    Dan
     
    dan2101, 28th Jan, 2016
    #1
  2. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

    Joined:
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    Sydney
    Unlikely but it depends. Doesn't appear to be an enterprise. If your reason for doing it was to generate profit etc then the answer may be different.
     
    Paul@PAS, 29th Jan, 2016
    #2
  3. dan2101

    dan2101 Well-Known Member

    Joined:
    8th Jul, 2015
    Posts:
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    Location:
    NSW
    Thanks Paul!
     
    dan2101, 29th Jan, 2016
    #3