Hello
Could someone please help me work out what I should do on this?
I set up a new discretionary trust and purchased land and then egaged a builder to build a house for me. The trust isn't registered GST because I was going to keep the property. I am the trustee of the trust and it has no other assets.
My intention was to keep the property long term, it would be cashflow postive slightly. Now construction is nearly complete and I have run into some cashflow problems and need to sell. If I sell I will have approx $80,000 to $100,000 profit.
My questions are:
1. Do I need to charge GST?
2. If so, should I register for GST now?
3. Can I claim all GST paid so far during the construction if I wasn't registered?
4. Any tips?
Thanks in advance, and I have looked around for answers, particularly this thread http://www.somersoft.com/forums/showthread.php?t=31407
But it is very confusing for me, so would appreciate some help/
Could someone please help me work out what I should do on this?
I set up a new discretionary trust and purchased land and then egaged a builder to build a house for me. The trust isn't registered GST because I was going to keep the property. I am the trustee of the trust and it has no other assets.
My intention was to keep the property long term, it would be cashflow postive slightly. Now construction is nearly complete and I have run into some cashflow problems and need to sell. If I sell I will have approx $80,000 to $100,000 profit.
My questions are:
1. Do I need to charge GST?
2. If so, should I register for GST now?
3. Can I claim all GST paid so far during the construction if I wasn't registered?
4. Any tips?
Thanks in advance, and I have looked around for answers, particularly this thread http://www.somersoft.com/forums/showthread.php?t=31407
But it is very confusing for me, so would appreciate some help/