Capital gains tax

Viewing 5 posts - 1 through 5 (of 5 total)

possumpal
Member
@possumpal
Join Date: 2006
Post Count: 48
February 26, 2013 - 10:07 am
Hi all
Just a quick one, when building a home in Victoria, when does the tax office deem ownership to start from in terms of capital gains tax? eg, would like to wait 12 months before selling to minimize CGT. So does it start from when building starts or from Certificate of occupancy issue date?
Thanks
Tim
RPI
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@rpi
Join Date: 2012
Post Count: 308
February 26, 2013 - 10:52 am
Hi Tim
What about the land? Was it a house and land package or did you build.
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Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
February 26, 2013 - 11:10 am
Usually date of contract for the purchase of the land.
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possumpal
Member
@possumpal
Join Date: 2006
Post Count: 48
February 27, 2013 - 1:36 am
Hi
Have not done anything yet, but would be buying the land and then building, not a house and land package
Thanks
PLC
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@plc
Join Date: 2012
Post Count: 400
February 27, 2013 - 2:30 pm
Are you intending to build and sell without renting? If so, then it might be regarded as a profit making venture with the profit treated as income. Also GST issues to consider.
Cheers
Tom
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