Property used in running a business

If you own, lease or rent property used for business purposes – whether commercial premises like a shop or office, or even your own home – you:

• must include any rental income in your tax return
• can claim deductions for some property expenses
• will be liable for capital gains tax on any capital gain if you sell the property
• may have GST obligations and entitlements.

If you're dealing with property, including one-off transactions (for example, you buy, sell, lease or develop), you may be considered to be conducting an enterprise. If your turnover from these activities is more than the GST registration turnover threshold, you may be required to register for GST.

See also:

• Working out your GST turnover

Find out about:

• Buying commercial property
• Selling commercial premises
• Leasing and renting commercial premises
• Commercial rent or lease payment changes
• Working farms
• Commercial residential premises and GST
• Retirement villages and GST

If you own property used for business purposes, you need to include related income in your tax return. You may also have GST and capital gains tax obligations.