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  • 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:

    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?
      Last modified: 10 Jun 2020QC 18014