My family bought a large rural residential block of land with a derelict house on it, demolished the house and subdivided it into 3 blocks with the intention of family members building a house each but due to financial constraints only one house was built and we must now sell the 2 blocks of land - will this attract GST? The original plan was not a profit making enterprise but an extended family living arrangement.
Hello @Gcav
There can be a bit of grey area when plans change, but generally, an enterprise is when there is an intention to make money.
Intensions can also change, so it comes down to whether you intend to make a profit on the sale, or simply want to get your money back.
It could go either way, so it might be worth checking with a conveyancer.
Hello @Gcav
There can be a bit of grey area when plans change, but generally, an enterprise is when there is an intention to make money.
Intensions can also change, so it comes down to whether you intend to make a profit on the sale, or simply want to get your money back.
It could go either way, so it might be worth checking with a conveyancer.
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