Canberra Property Pty Ltd $($Canberra Property$)$ is a builder and developer of residential properties in the Canberra region. Some of the properties built by Canberra Properties are sold as new homes. Other properties are retained and used by Canberra Properties in its business of leasing $/$ renting the properties it owns in Australia to tenants. Canberra Property is registered for GST and reports for GST on a monthly accruals basis.

For the month ended $30$ September $2023,$ Canberra Property made the following supplies to customers and tenants $($including GST where applicable$)$:

Sales $$ New Residential Property $$5,500,000$

Sales $$ Existing Residential Property $$3,300,000$

Rent Invoiced $$ Residential Property $$300,000$

Canberra Property instructs you that they have owned the existing residential property $($before they were sold$)$ for the last eight years.

Canberra Property purchased new office chairs from ChairsRUs Pty Ltd during the month for the GST inclusive price of $$33,000.$

Required:

Citing all relevant legislation from A New Tax System $($Goods and Services Tax$)$ Act $1999,$ fully explain the GST consequences of the above.