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
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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
     
  2. Paul@PFI

    [email protected] Tax Accounting + SMSF Business 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.
     
  3. dan2101

    dan2101 Well-Known Member

    Joined:
    8th Jul, 2015
    Posts:
    529
    Location:
    NSW
    Thanks Paul!