GST on sale of IP

[Beno]

Can anyone tell us whether GST is payable on the sale of a new IP (ie < 5 years old). Property was owned by myself and my partner as tenants in common. Venture is a one off. Initial intention was to keep the property long term but financial situation changed so needed to sell after having it rented for 18 months. My partner and I have not registered for ABN nor have we claimed credits for any GST paid. Would like to know if we have to register for ABN and pay GST. Have checked the ATO site and am totally confused.
Beno

 

[julia]

No you don't have to charge GST on the sale because you are not registered for GST and as the sale is not part of a normal supply of your business you are not required to register for GST.
More info in my How not to be a developer booklet, under free publications on www.bantacs.com.au