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Both income tax and GST are relevant.
Firstly, you need to determine whether the sale of the second property would be taxed on revenue or capital account.
If your intention is to construct the property and sell it at a profit rather than renting it out, it is most likely to be considered as a profit making undertaking and the net profits would be assessable as ordinary income. (Not capital gain, hence no CGT discount). Please note the net profit is only taxable at settlement date, not contract date.
Refer to TR 92/3 at the link below which discusses whether profits on isolated transactions are income:
http://law.ato.gov.au/atolaw/vie ... TR923/NAT/ATO/00001
MT 2006/1 also discusses the distinction between a profit making undertaking and the mere realisation of a capital asset. Refer to paragraphs 262 to 302 at the link below:
http://law.ato.gov.au/atolaw/vie ... 20061/NAT/ATO/00001
Secondly, you are required to register for GST if the ATO is of the view that the transaction was entered into with a profit motive. If this was the case, you are required to pay GST on the sales although margin scheme may be available.
The sale may only be taxed on capital account if you can establish that your intention is to hold the property either as investment or for private use and the sale is triggered by factors beyond your control. This generally needs to be supported by loan documents, budget / forecasts and relevant correspondence with third parties etc.
You need to seek some professional advice given the complexity of this. |
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