Property development, building and renovating

If you're renovating one or more properties you need to work out if you are a personal property investor, engaged in a profit-making activity of property renovations, or carrying on a business of renovating properties.

If you build new residential premises for sale, you're liable for GST on the sale, and you can generally claim GST credits for your construction costs and purchases related to the sale.

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Taxable payments reporting - building and construction industry

Businesses in the building and construction industry need to report to the ATO each year the total payments they make to each contractor for building and construction services – see Taxable payments reporting - building and construction industry.

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Last modified: 14 Sep 2016QC 23643