Hi guys/gals
Does anybody know how capital gain is applied if you purchase a block of land & build?
Assuming it is a IP property & you dont live there. Do you have to own it for 12 months to half the tax & does this include the building time?
Then when you do sell how does the tax office know what the gain was? Maybe you just pay CGT on the preceived land gain?
Too many questions..This development thing is fun but a little risky, keeps you on your toes.Replies greatly received…thanks
w
I think there is a free booklet concerning this on the following accountant website:
http://www.bantacs.com.auTerryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
IMO seek professional advice and factor in the tax cost ASAP
best of luck with the project
Don Nicolussi | Mortgage Broker - Home Loan Warehouse
http://homeloanwarehouse.com.au
Email Me | Phone Me"I think of finance as a technology, a way of getting things done." Robert Shiller
thanks guys …research & more research
w
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