GST and Property Sales
1. Will GST apply to the sale of the family home?
No. In most cases GST will not apply to the sale of existing residential real estate, including the family home.
2. Will GST apply to agents fees and advertising costs incurred when selling my property?
Yes. GST will apply to agent's fees and advertising costs agreed to when entering into a Selling Agency Agreement.
3. Will GST apply to the sale of new homes by developers?
Yes. GST will apply to the sale of newly constructed residential properties by a developer who is registered for GST. The margin scheme may provide significant savings in this regard.
4. Will GST apply to the sale of a residential investment property?
Generally, GST will not apply to the sale price of any existing residential property irrespective of whether it is a family home or an investment property. GST will however apply to the sale price of newly constructed homes, including investment properties, which are sold by a developer who is registered for GST.
5. Will GST apply to the sale of vacant residential land?
GST will apply to the sale of vacant residential land not withstanding that it may have been sold previously, if the entity selling the land is registered or required to be registered for GST, the supply is made in the course or furtherance of the entity's enterprises, the entity makes the supply for consideration and the supply is connected with Australia. However, the parties to the sale of the land may consider the application of the mar
No. In most cases GST will not apply to the sale of existing residential real estate, including the family home.
2. Will GST apply to agents fees and advertising costs incurred when selling my property?
Yes. GST will apply to agent's fees and advertising costs agreed to when entering into a Selling Agency Agreement.
3. Will GST apply to the sale of new homes by developers?
Yes. GST will apply to the sale of newly constructed residential properties by a developer who is registered for GST. The margin scheme may provide significant savings in this regard.
4. Will GST apply to the sale of a residential investment property?
Generally, GST will not apply to the sale price of any existing residential property irrespective of whether it is a family home or an investment property. GST will however apply to the sale price of newly constructed homes, including investment properties, which are sold by a developer who is registered for GST.
5. Will GST apply to the sale of vacant residential land?
GST will apply to the sale of vacant residential land not withstanding that it may have been sold previously, if the entity selling the land is registered or required to be registered for GST, the supply is made in the course or furtherance of the entity's enterprises, the entity makes the supply for consideration and the supply is connected with Australia. However, the parties to the sale of the land may consider the application of the mar
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