Thanks Terry. Does the ATO scrutinise your ‘intention’ closely? I’ve been told if your intention is to build and sell for a profit then the 50% discount may not be applicable. If you build with the intention of renting but change your mind as soon as its completed and sign a contract to sell (more than 12 months after signing the land contract)…[Read more]
I’ve got a few different answers to this question so putting it to you guys.
If you purchase land and build a dwelling and then sell for a profit once completed – when does the 12 months (for 50% CGT discount) start? It is from the Contract / Settlement date on the land, or when Construction is finished / the house is rented?
Great thread guys. Keep it alive and the comments coming. Are you finding much capital growth in the northern suburbs properties other than as a result of the renovations?
Corey, would you be able to share what renovations you completed in your example above where you spent $10k and had the $35k+ equity gain?
Looking forward to continue…[Read more]