What is the current GST rate that applies to new residential property sales in Australia?
Correct Answer
A) 10%
GST applies at a rate of 10% to new residential property sales in Australia. This applies to properties sold by developers or where substantial renovations have been completed.
Why This Is the Correct Answer
The A New Tax System (Goods and Services Tax) Act 1999 sets a single 10% rate, unchanged since 1 July 2000, and it applies to taxable sales of new residential premises.
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