Mosaic Tax Legal- most professional and experienced Property Tax Professionals
Like most countries, you are supposed to pay Goods and Service Tax (GST) on sale of property in Australia as well. GST is levied on your property that may be a new residential accommodation.
A new residential property, as per the ATO, is a property that has not been sold previously as residential premises. It can also be a property that has been substantially renovated or re-built on a demolished property.
Since, buying and selling property is considered as a business by ATO, people in such a business are supposed to have an Australian Business Number (ABN) and be registered for GST and deposit GST applicable of sale of property.
Although GST is calculated on total value but for property, in place of total value, in most cases, the ATO allows investors to use the m...