Bought our house in 2021. Since then we have undertaken some pretty major renovations such as an entirely new roof, slab modifications, etc. It has always been our sole residence and was meant to be our 'forever home'. Things have changed and we're moving but have realised the 1/11th GST could really hurt us. Is this likely to be applied to us? Is there a way to avoid it? Would a margin scheme be appropriate if so?
Thanks for advice.
Depends on what the facts of your situation are. This link details "renovating properties"
If it has been your main residence and you are not in the business of renovating properties then there should be no tax issues (either GST or CGT).
Depends on what the facts of your situation are. This link details "renovating properties"
If it has been your main residence and you are not in the business of renovating properties then there should be no tax issues (either GST or CGT).
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