Will the sale of a new residential premises be a taxable supply in accordance with section 9-5 of the A New Tax System (Goods and Services Tax) Act 1999 (GST Act)?
Yes This ruling applies for the following Period : 1 July 20XX - 1 July 20XX The scheme commenced on: 1 July 20XX
Individual name (You) is not registered for GST. You are employed in a specific position at 2 entities. You have relationships with several entities In the relevant year, you purchased a residential property located in the indirect zone consisting of a number of lots, for a specified sum. You occupied the Property since your purchase. You were employed by a development company at the time you purchased the Property. You purchased the property to be your residence and for potential development. After residing at the Property for a number of years, you identified the House had deteriorated as a result of its age. Issues included the presence of asbestos in the guttering, eaves, and fibro cladding. You obtained property appraisals both pre-construction and during the design stage from three real-estate companies. On the specified date your entity name engaged a planning Entity (Town Planner) to prepare and lodge an express development application with the Council. The application sought to reconfigure lot boundaries and establish access easements. It was submitted under your related entity name, as advised by the Town Planner, to ensure consideration by the Council under this entity.
On a specified date you lodged a planning/development approval by your Town Planner as an express development application with the relevant council (the Council) to construct two duplex premises (the Duplexes). The proposal was for: • A development permit for a combined reconfiguration of a lot (Boundary realignment and access easements) and material changes of use (2 x dwelling houses on small lots). The application for boundary re-alignment was approved by the Council on a specified date (Building approval reference number). The House on the Property was demolished on a specified date. You contracted the building entity (the Builder) on a specified date. Construction of the Duplexes commenced with each Duplex consisting of three levels, with a kitchen, 4 bedrooms, 4 bathrooms, powder room, 3 car garage, and swimming pool. The construction of the duplex premises was financed through a Residential Investment Property Loan, with two registered borrowers. The certificate of occupancy was issued on a specified date. You moved into Duplex A upon completion, and you continue to reside there.
Duplex A was listed with a real-estate entity. In mid-August 20xx, the property was withdrawn from the market as the offers received did not meet the asking price of over the specified amount. Duplex B was leased under a lease agreement for a term of 12 months. Duplex A is not currently on the market.
A New Tax System (Goods and Services Tax) Act 1999 - section 9-5 A New Tax System (Goods and Services Tax) Act 1999 - section 9-20 A New Tax System (Goods and Services Tax) Act 1999 - section 23-5 A New Tax System (Goods and Services Tax) Act 1999 - section 40-65 A New Tax System (Goods and Services Tax) Act 1999 - section 188-10 A New Tax System (Goods and Services Tax) Act 1999 - paragraph 188-20(1)(a) A New Tax System (Goods and Services Tax) Act 1999 - section 188-25 Does IVA apply to this private ruling? We have limited our private ruling to the questions raised in your application. There may be related issues that you should consider, including: • Adjustments, and • Creditable purpose. Does IVA apply to this private ruling? Part IVA of the Inco