Hi Mick,This is a very grey area.   As i understand it with out actually living in on the property for some time you can not claim the house/land that you build as the PPOR and retain the other. So you can not pick which one is your PPOR without living in it. For example i cant say i choose house one as my PPOR and sell it and then live in house 2…[Read more]

Thank you very much Adrian And Amber for the site. It has been a very steep learning curve since undertaking this project and i have learnt a lot in such a short time. It took a little while to get my head around some of the taxation stuff, but i am there now. i think!All the number crunching should be done by the end of the week. Which i am…[Read more]

Thanks Terryw,It appears that we may be able to meet the requirements to reduce the GST side off things on a quick read of the information on the site. As we are not going to make a profit and our intention is not to go into business. That the property is currently our PPR and our only reason to do the subdivision is to be able to accommodate the…[Read more]

Hi Terryw,Thanks for the explanation.I rang the ATO but really didnt get much out of them other than read pages and chapters out of the book. Which is ok at least i know the pages relevant to me.Now im going to have to ring them again for information on the GST side of things. He did seem to think i would not have to pay GST as im not a builder.…[Read more]

Thanks Melhart,Yes i think off the plan is going to be the way to go. Im not after a huge profit just trying to update the old house to accommodate the kids. But the ATO is making that very difficult without inflicting more debt on my part. GST and CGT are killing me.The block would not take long to sell as it is a very desirable location.But as…[Read more]

Hello Melhart,Thank you for your comments. They have helped me along a bit. Another question would be, the GST component would be on the profit component of the sale. Is this correct?I think at this stage it may be better for me to sell of the plan so i don't have the holding costs.I would have thought that there would be more written about this t…[Read more]