5% GST
November 22nd, 2007
GST
is taxed on any new home or development, and is paid by the builder
or new purchaser of the home. On a 1 million dollar
sale, the decrease in GST from 6% to 5% is $10,000.
The general summary of new rules state that if possession is
transferred after January 1st 2008, then the 5% GST rate will
apply. If, for example, an agreement for sale of a
presale apartment was signed between May 2 ...