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Due to the limited information, it is not really possible to confirm whether the sale will be on revenue or capital account without undertaken a much more detailed analysis.
The income tax and GST implications will heavily depend on your intentions with respect to the property. I have summarized the likely implications below under two different scenarios.
1. If your plan is to build the new property which will be used for long term rental purposes then:
• Any gain made on eventual sale of the rental property should be taxed on capital account. The 50% CGT discount will be available.
• You would not be able to claim GST credits on the expenses if you plan to use the property for making input taxed supplies of residential rental accommodation.
• Any sale of the property should not be subject to GST.
2. If you plan to build the new property which will be sold in the short term then:
• Any gain made on sale of the property should be taxed on revenue account (no CGT discount would be available) because you are carrying an enterprise or profit making undertaking.
• GST will apply on the sale of the property if you are selling new residential premises. The margin scheme may be available to reduce the GST liability on sale.
• You shall be able to claim GST credits on the expenses if you plan to sell the property in the short term as a taxable supply.
Therefore the GST and income tax treatment is likely to be consistent. That is, if you are developing the property as a profit making undertaking (ie, will be taxed on revenue account) then you will also very likely be considered to be carrying on an enterprise for GST purposes and GST would apply to the sale. If the new property is to be rented out for more than a year, it will still be treated as 'new residential premises' for GST purposes unless it has been rented for at least 5 years. Please note that margin scheme may be available to reduce the GST liability.
On the other hand, if you plan to use the property as long term rental purposes, then it may argue that the subsequent sale is merely realising a capital asset in the most advantageous manner and the sale should not be classified as an enterprise for GST purposes. The sale may be taxed as capital gain and 50% CGT discount may be available.
The tax office will weigh up all the following factors to determine whether you will be carrying on an enterprise / profit making undertaking.
Factors supporting that premises are held for sale:
• Business plans or minutes of meetings supporting the holding of the premises for sale;
• Finance documents supporting the planned sale of the premises;
• Accounting reports and financial statements supporting the holding of the premises for sale;
• Income tax treatment of the development as trading stock rather than as a capital asset, and whether GST is registered and GST input tax credits has been claimed on the development costs;
• Past activities of the entity in carrying on the enterprise of selling new residential premises;
• Marketing of the premises for sale such as, listing the premises for sale with a real estate agent, advertising the premises for sale in relevant publications or via the internet, arranging 'open for inspection' times, and showing prospective buyers through the premises; and
• In the case of a building or complex made up of multiple stratum units, actual arms’ length sales of some of the listed units (where all of the units were intended for sale).
Factors supporting that premises are to be used for long term rental purposes:
• Business plans or minutes of meetings demonstrating that the entity has determined to use the premises for rent;
• Finance documents supporting the intention to rent the premises;
• Periods of actual rental of the premises; and
• Marketing of the premises for rent.
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桂林杨朔 (2012-12-17) andychan 
悉尼蓝山采青 (2005-1-27) woodgreen 
发表于 2015-3-29 20:20
