Flipping Property in a buisness nature

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 · Accepted Answer

Bruce4Tax · Answer

- No CGT, because profit will be business income taxed as ordinary income. - Properties are trading stock - GST - you need proper advice particular to your circumstances. If the renovations are not structural, then you will not be creating 'new residential property' (NRP) - so no GST payable on the sale + no GST inputs to be claimed. If you are making NRP, or selling vacant land, then GST will apply to sales, and input credits can be claimed. NRP is tested for each property - sometimes difficult to judge. https://www.ato.gov.au/Business/GST/In-detail/Your-industry/Property/GST-and-residential-property/?page=2

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