Tax with Max: Property developments and taxes

Property developments and taxes payable, and applying for the age pension before December 31, 2014

Summary: Property developers can be subject to both capital gains tax and goods and services tax (GST). But CGT can be minimised if property is held for a minimum of 12 months, while GST can be reduced or eliminated if property is rented out for five years.

Key take-out: If developers intend to sell off the plan, or immediately on completion, GST would be applicable on the selling value. However, developers can claim all of the GST included in the goods and services paid during the building phase.

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