Sorry to hijack the thread... but am I correct to say that GST on development isnt that bad afterall ?
From what I gather, GST is 1/11 of the profit you generated on the property, not the actual selling price, so the amount you pay is really a factor of how profitable your development is.
If land cost comes to around 150k each unit, and building cost is 150k and you sell for 400k for 100k profit.. you are really only paying ~10k in GST
Further, you can also claim GST credits for the construction cost so assuming there was gst paid for everything in the construction phase, then you can claim back around ~15k ?