All Topics / Value Adding / Spec Homes- Cap Gains Tax?

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  • Profile photo of delboydelboy
    Member
    @delboy
    Join Date: 2003
    Post Count: 80
    November 29, 2005 - 12:45 am

    Hi All

    Quick question. We are looking at picking up a block of land to build a spec home for our next project. With regards to capital gains tax. Is it true that we would not have to pay it as we are investing in property as our business?

    While I am on this point, does anyone know a good accountant on the Sunshine Coast or even Brisbane?

    Delboy[cap]

    Profile photo of crjcrj
    Participant
    @crj
    Join Date: 2004
    Post Count: 618
    November 29, 2005 - 12:59 am

    IF property is your business you would be paying income tax on your profits, not CGT.

    Profile photo of AUSPROPAUSPROP
    Participant
    @ausprop
    Join Date: 2003
    Post Count: 953
    November 29, 2005 - 1:34 am

    and GST


    http://www.megapropertygroup.com

    INVESTMENT SALES * RENTAL SOLUTIONS * STRATA MANAGEMENT

    Profile photo of asdfasdf
    Participant
    @asdf
    Join Date: 2005
    Post Count: 139
    November 29, 2005 - 3:43 am

    Double ouch!

    Only declare something as a business if you’re planning to lose money so losses become deductible against other income income, else we are all small time investors….

Viewing 4 posts - 1 through 4 (of 4 total)

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