Are you in the business of renovating properties?

If you renovate one or more properties, you need to work out if you:

• are in the business of renovating properties
• are carrying on a profit-making activity of property renovations, also known as 'property flipping'
• are a personal property investor
• have undertaken renovations that constitute substantial renovations.

Your conclusion will affect your tax obligations and entitlements.

Find out about:

• Property renovating as a business or profit-making activity
• Being a personal investor
• How the difference affects your tax
• More information

See also:

• To decide whether or not a property has been substantially renovated, read from paragraph 53 of GSTR 2003/3: Goods and services tax: when is a sale of real property a sale of new residential premises?