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Do I pay GST??
Sorry MTR - Its more.... Normally GST would be 1/11th x $900K...$81,818 If you can elect to sell the properties and use the margin scheme your GST will be $31,818...That's 1/11th of the difference between the $550K cost and its sale price. You don't include duty etc in the calculation...- Paul@PFI
- Post #7
- Forum: Accounting and Tax
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Do I pay GST??
Your strategy appears an enterprise. Your intend to make money from the venture of subdivision of land. Its highly probable that is a enterprise that falls within the ambit of GST. Many developers have intent to sell after building and this certainly falls in the area of "new residential land...- Paul@PFI
- Post #5
- Forum: Accounting and Tax
