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  • 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 are 'property flipping' or 'renovating for profit' there could be tax implications.

    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.

    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.

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    Last modified: 03 Aug 2017QC 23643