Hi, I have a 1/3 share in a 85 hectare block in the South West of WA. The other two partners want to sell out but I am looking at subdividing the block into two blocks and using the proceeds of the sale to pay out the two existing partners. I would like to know what potential capital gains tax I would be liable for and the likely cost of subdividing.
Hi Darren.
Been researching this myself for the fast 3 months.
FIRSTLY……..and foremost, You need to check with the shire if it is subdividable.!!!!!!!!!!!!!
If you have scheme water, minimum 6k for watercorp "Head Works" (another water connection)
Minimum 5k for a Town Planner (Surveyor) to subdivide the block for you.
If you buy the other 2 out, you won't be up for CGT, they will., (Until you sell your share)Perhaps if you're in a position, you can apply for an equity loan on the block to buy the other two out.
You will be liable for a fee to transfer the land solely in your name too.
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