Selling Newly Built PPR in 5 Years

Hi everyone,

I'd like to ask if I buy an old house, knock it down, build a new one, live in it, and sell it within 5 years. Would there be any GST implication? Thanks!

 

Are you a builder ?

 

No, I'm not.

 

GST would apply if you are conducting an enterprise and are registered or required to be registered for GST.

 

Then it isn't considered a business and gst would not be applicable, and as a PPOR it would be cgt exempt also
(Unless you operate and claim deductions for a business operating from said address)

 

It doesn't follow that if he is not a builder GST doesn't apply. He might be intending to sell.

Also can say that a main residence (not a PPOR) is also CGT exempt - lots if conditions would need to be met for the exemption to apply. CGT doesn't apply if it is held on revenue account so the exemption does not apply, for example.