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  • Planning on developing property?

    14 January 2016

    Did you know that if you build and sell new residential premises you may need to be registered for GST and pay GST on the sale? Once registered, you can generally claim GST credits for your construction costs and purchases related to the sale.

    We are identifying and contacting developers early on in the planning process to help you understand your GST entitlements and responsibilities.

    When a new development starts we sometimes verify significant refund claims. We may do this if you:

    • lodge a BAS without reporting property transactions, or
    • have an outstanding BAS.

    If you haven’t lodged your BAS we’ll remind you so you don’t get behind. When we do this we can assist you with any questions you may have.

    If you need advice from the ATO about the tax treatment of your development you can lodge a request for a private binding ruling.

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