Hi there,
A bit of a complicated one.
Our company, purchased a block of land in Wagga Wagga that was to be developed into a residential property and used as a office. Since then we have had financial issues and plans have now changed so that we plan to start the build and sell within the next 12 months finished or not. We are registered for GST and plan on claiming GST for development costs.
The one thing I'm not sure about is the tax implications (including GST) on selling the residential property finished or unfinished.
I understand CGT will be required.
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213 views
1 replies