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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If you build or renovate properties, you need to work out if you're a personal property investor, or doing it in a business-like way. This will affect the tax treatment of your related purchases and the proceeds of property sales.
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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