I was listening to Dymphna Boholt's podcast and she mentioned that if you buy an off the plan house, then GST is payable when you sell as you are considered to have built it (as you settle on the land first and then house is built).
I've been searching the archives and google to clarify, but I'm really lost. My understanding of a couple of posts is that if I rent it out for 5 years, then it is no longer considered new and GST is not payable. Is this the case?
Thanks
I've been searching the archives and google to clarify, but I'm really lost. My understanding of a couple of posts is that if I rent it out for 5 years, then it is no longer considered new and GST is not payable. Is this the case?
Thanks