From: Patrick Bruadair
Hello all,
I am looking at getting involved in developing a 5 unit block (5 x d/s townhouses). GST during the construction period would cost about $85,000.00. GST payable on sales of the 5 townhouses will be about $100,000.00.
I understand I can claim back GST during the construction period if I am developing with the intention of selling. What if I decide to hold one or two townhouses as income producing properties for a few (or a lot of)years prior to selling?. Can I still claim back GST during the construction period if I end up holding for some years?.
Hope some experienced small developers on the forum can advise me on this.
Pat Bruadair
Hello all,
I am looking at getting involved in developing a 5 unit block (5 x d/s townhouses). GST during the construction period would cost about $85,000.00. GST payable on sales of the 5 townhouses will be about $100,000.00.
I understand I can claim back GST during the construction period if I am developing with the intention of selling. What if I decide to hold one or two townhouses as income producing properties for a few (or a lot of)years prior to selling?. Can I still claim back GST during the construction period if I end up holding for some years?.
Hope some experienced small developers on the forum can advise me on this.
Pat Bruadair
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