You're required to register for GST if:
turnover from your property transactions (and other transactions) is more than the $75,000 GST registration threshold, and
your activities are regarded as an enterprise.
Your activities may be regarded as an enterprise if you:
sell new residential premises or potential residential land
buy land with the intention of developing it for immediate resale at a profit
develop a property to sell.
A one off transaction can still be considered to be an enterprise.
If you're registered for GST, remember to include GST in the price you charge for certain property transactions. You can also claim credits for the GST included in the price of goods and services you buy for your business.
Contact Ashley today for any queries.
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