If you renovate one or more properties, you need to work out if you:
- are in the business of renovating properties
- are carrying on a profit-making activity of property renovations, also known as 'property flipping'
- are a personal property investor
- have undertaken renovations that constitute substantial renovations.
Your conclusion will affect your tax obligations and entitlements.
Find out about
- Property renovating as a business or profit-making activity
- Being a personal investor
- How the difference affects your tax
- More information
- To decide whether or not a property has been substantially renovated, read from paragraph 53 of GSTR 2003/3: Goods and services tax: when is a sale of real property a sale of new residential premises?