不是增值税，是business income，也有GST。
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Assuming that it is an isolated activity for your friend and he is not carrying on a property development business.
If he is planning to sell the new property soon after completing the development, then there are some problems when trying to apply the main residence exemption.
Firstly, the sale is likely to be taxed on revenue account on the basis that he’s involved in an isolated profit making undertaking. The main residence exemption can only apply to gains made on capital account.
Secondly, even if the sale was taxed on capital account he still needs to move into the new property for at least three months in order to re-establish it as his main residence. (refer to Section 118-150 ITAA 1997 )
If he is treated as being involved in a profit making undertaking then the sale would be taxed on revenue account. He should obtain a valuation of the property at the time of the construction. Any increase in value from that time should be taxed on revenue account with the remaining profits being taxed on capital account (but subject to main residence exemption). Note that the sale of new property will subject to GST if he is involved in a profit making undertaking. The activity would be classified as an enterprise for GST purposes in this case. The margin scheme can potentially be used to reduce the GST liability.
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