Browse Forums Home Finance 1 Mar 14, 2017 8:02 pm Hi all, So I have a land in NSW about to be registered on which I was planning on building a house for investment. I understand that I'll need to hold the property for 1 year before I sell it to be eligible for CGT discounts. I'm now aware of GST being applicable on the sale price as this is a new house. To be exempt from GST , the property must be available for rent for 5 years. But would I be correct to say that if I live in that new house for 6 months to make it my primary residence, I will be exempt from both GST and CGT? Has anyone experienced this ? Re: GST and CGT on investment property 2Mar 14, 2017 8:06 pm Not completely on top of this but I think there's a few confusing rules there. Gst will be included in the build price and won't apply on the sale price (to my knowledge) and is unrelated to CGT and / or timing / investment or oo purpose. You're right on the 50% discount on CGT for an asset held for 12m or longer, as per Current legislation. I think you need to make a 5 minute call to your accountant to clear it all up. Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: GST and CGT on investment property 3Mar 14, 2017 8:19 pm CGT exemption is only for your principal place of residence. You can't claim a gst exemption either unless you sell it to someone who will pay the gst on top of the costs. Someone always has to pay unfortunately. You might be able to apply to divert the sewer at your expense. In NSW you would contact a Water services co-ordinator and they would give you advice as to whether or not… 1 12939 The estate Covenants (design requirements) must be included in the land contract. If you purchased a resale block then the vender is required to provide/include a copy… 2 9190 Ask for some kickplate to be added and also for tradies to be requested to use lanyards on tools on that side of the building. Be respectful and have the discussion… 1 733 |