A great read. Thank you both for being so helpful. It’s a difficult area I appreciate.

J1234

Advice from accountant:

“If you have got a partition agreement for the title split, there is no CGT implication on the completion of the subdivision to 2 separate properties. The CGT only applies when you happen to sell the new property.”

Phew.

No didn’t seek the advice on GST. Apart from accountants did confirm my intention to hold the property as selling may trigger GST on sale.

I took GST position from ATO website.

Regards
J1234

Thanks Terry

I did have a Deed of Partition set up and stamped yes. Although there is a change of title going from 2 names to one name, I believed that the Deed of Partition would cover that although any change in that % ownership as per a new valuation would have a duty payable on that % change. The stamp duty office would make their own…[Read more]