GST on work completed by myself.

I am a builder, set up as a sole trader, registered for GST & I purchased house in my own name.

I have just completed my first flip. I don't need to pay GST on the sale as it was not a substantial renovation. Cosmetic - paint, new light fittings, floors repolished and new kitchen and bathroom. No structural changes, no walls, flooring, foundation, roof or linings removed, replaced or extended.
I intended to keep the property for investment purposes but due to my accountant stuffing up my loan application I needed to sell straight after tidying the house up.

My Questions -
Do I charge myself for work I have done on the property and therefore pay GST on work completed? (remember I am a sole trader)
Can I claim the work I completed in the previous tax year (19/20) when the sale wasn't until 20/21 tax year.
Do I claim GST paid to other trades for work they completed on the property?

 

How can you charge yourself?
Impossible to contact with yourself

 

Dunno, you'd have to ask Chrissy Amphlett/Divinyls (I touch myself) - proves it can be done.

 

If you’re claiming the 50% CGT discount then you’re better off not invoicing yourself as you’ll pay more in income tax than save on CGT. I think. My head hurts!

 

Thanks Terry. yes that makes sense. I was confusing myself, I will only need to pay income tax on profit. Not claiming 50% GCT exemption.

 

Thanks, yes my head hurts too. No I won't claim the 50% CGT discount.
My issue is trying to get income for work I completed Apr - Jun into the 19/20 tax year when I didn't make the sale until Aug 2020 and I work on Cash Accounting for tax and BAS.

thanks for your reply

 

Contract date ? Cost incurred in JulyAug etc (selling?) would still be a reduction to the profit reported in June (?) despite settlement after this. Cash accounting isnt a factor. CGT events have specific rules. Doesnt seem like business income as such as it was explained. Maybe isolated profit making at best.

Why would an accountant be assisting a credit appn? If its credit advice he is doing so under credit license. Or unlicensed. Negligent advice ?