We are about to do a Dual Occ in NSW, where we are building a new house (IP) at the side of an existing IP. We will be subdividing the land and doing a Torrens Title.
The new house will cost about $150,000 to build and should be valued at around $400,000 when complete.
My question is this (hypothetical at the moment)…
If we were to sell the original (old) IP (that we have owned for over 1 year) for the same price that we purchased it for originally. How are we affected by CGT and the new vendor tax (12% above purchase price etc) Does the newly built property come into it? (The new house will be the new/different street address and the original house will keep the original address.)
Cheers
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