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GST on sale of residence used for B & B

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My partner and myself have been using our house as a B&B for 8 years or so. We are registered for GST for the B&B. If we sell our house, which we also live in, do we pay GST on the sale. What if we stop using it as a B&B and then sell. We have someone who just wants to buty our house as there home

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Hi @scottben,

 

Welcome to our Community.

 

I think you may be referring to capital gains tax (CGT) rather than goods and services tax (GST), as you may be required to pay CGT when you sell your home, as you were operating a business from home. There are a few scenarios when CGT will not apply; these are detailed on our website, based on the information you have provided these may not apply to your situation.

 

This page also contains a few examples of when CGT apply and how to calculate the CGT due, along with links to information and details to apply for a small business CGT concession if you are eligible.

 

The Community can only provide you general information as we do not know the specifics of your situation, however you can ask us to provide you with written advice on how we think tax law applies by contacting our early engagement team. Alternately you can phone us on 13 28 69 between 8am - 6pm, Monday to Friday to discuss further with a customer service representative.

 

I hope this helps, SueO

1 REPLY 1
Highlighted

Most helpful response

ATO Certified Response

Community Support

Replies 0

Hi @scottben,

 

Welcome to our Community.

 

I think you may be referring to capital gains tax (CGT) rather than goods and services tax (GST), as you may be required to pay CGT when you sell your home, as you were operating a business from home. There are a few scenarios when CGT will not apply; these are detailed on our website, based on the information you have provided these may not apply to your situation.

 

This page also contains a few examples of when CGT apply and how to calculate the CGT due, along with links to information and details to apply for a small business CGT concession if you are eligible.

 

The Community can only provide you general information as we do not know the specifics of your situation, however you can ask us to provide you with written advice on how we think tax law applies by contacting our early engagement team. Alternately you can phone us on 13 28 69 between 8am - 6pm, Monday to Friday to discuss further with a customer service representative.

 

I hope this helps, SueO