hi there,
approx 4 years ago i purchased an old home and built 2 units side by side.
they have been rented out since built.
the intention was never to sell but poor cashflow means i will have to sell one.
i did NOT register for GST at the start for the purpose of building these units but i AM registered for GST as i am a tradesman.
i have read a number of threads regarding the gst on sale of property and think i understand but every situation is slightly different so hoping for some clarification.
now it seems to me on reading other posts that because i didnt register for gst at the start and claim any back from the building of the units i havnt triggered anything i shouldnt have back then.
i also never intended to sell these units,hence they have been rented for over 4 years.
so i believe even though i have held them less than the usual 5 years for new buildings to be exempt of GST,because i always intended to keep them and didnt register for GST at the start that i will NOT have to pay GST on sale prior to the 5 years if i sold one now and will also get the 50% reduction re CGT?.
is this correct?
hopefully i understand this correctly.
also i hope the fact that i am registered for GST as a tradesman as previously mentioned does not somehow put a spanner in the works.
thanks,Darren
approx 4 years ago i purchased an old home and built 2 units side by side.
they have been rented out since built.
the intention was never to sell but poor cashflow means i will have to sell one.
i did NOT register for GST at the start for the purpose of building these units but i AM registered for GST as i am a tradesman.
i have read a number of threads regarding the gst on sale of property and think i understand but every situation is slightly different so hoping for some clarification.
now it seems to me on reading other posts that because i didnt register for gst at the start and claim any back from the building of the units i havnt triggered anything i shouldnt have back then.
i also never intended to sell these units,hence they have been rented for over 4 years.
so i believe even though i have held them less than the usual 5 years for new buildings to be exempt of GST,because i always intended to keep them and didnt register for GST at the start that i will NOT have to pay GST on sale prior to the 5 years if i sold one now and will also get the 50% reduction re CGT?.
is this correct?
hopefully i understand this correctly.
also i hope the fact that i am registered for GST as a tradesman as previously mentioned does not somehow put a spanner in the works.
thanks,Darren