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Boguht land off the plan at that time the price of the land is very low due to unexpected growth the value of land has increased.
Now for settlement will ATO demand to pay GST as per to the market price or the price for which the contract is made ? Do ATO really care at what price the land is sold.
In summary do ATO really care about selling price .
The selling price isn't important to us, only the GST and tax implications.
If the land is being sold as part of a business or enterprise, GST will likely apply, so I recommend having a read about GST and property on our website.
You may also want to have a read about capital gains tax.
Let us know if you have any questions about the info in the links above.
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