GST if selling PPOR?

Discussion in 'Accounting & Tax' started by Jmillar, 11th Jun, 2022.

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  1. Jmillar

    Jmillar Well-Known Member

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    If I build a PPOR and decide to sell it within the first 5 years, is GST applicable on the sale? If so, does that mean I can claim back the GST on the construction price?

    Thanks
     
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Generally not. GST would apply if you are conducting an enterprise though
     
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  3. Jmillar

    Jmillar Well-Known Member

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    Thanks Terry. And that means I can't claim back the GST on construction costs and other costs, right?
     
  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    thats correct
     
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  5. Paul@PAS

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

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    The GST inclusive costs would be used for CGT purposes. If it is a CGT event.