GST on Development intended for IP

Hi,

If you do a small development (say duplex/triplex) which you initially intended to keep all as rentals, but say after 1-2 yr later change your mind and sell it off, do you still have to pay GST?

I've heard that you need to keep it for 5 yrs before avoiding to pay for GST?
But does this rule still apply even though my intention was to keep them as rentals?
 
If you do a small development (say duplex/triplex) which you initially intended to keep all as rentals, but say after 1-2 yr later change your mind and sell it off, do you still have to pay GST?
If you intended originally to keep them as rentals then you would not have been claiming GST input credits on their construction either.
However, if you then decide to sell you would both pay GST on their sale and claim the GST inputs on their construction. Make sure then you keep receipts for everything.

I've heard that you need to keep it for 5 yrs before avoiding to pay for GST? But does this rule still apply even though my intention was to keep them as rentals?
Yes, I believe so. Otherwise developers would be changing their mind ;)all over the country to avoid paying GST on the sale/s.
 
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