All Topics / Legal & Accounting / Capital gains tax and other tax’s payable when we sell the property

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  • Profile photo of kanda28kanda28
    Member
    @kanda28
    Join Date: 2013
    Post Count: 1
    March 22, 2013 - 4:43 am

    Hi everyone,  Have a few questions on capital gains tax and other tax’s payable when we sell the properties..

    We have block of land in Melbourne, with old house on it, we bought the property in 2004, since then between 2005-2011 had been a rental property, last year we made plans to build 3 townhouses on this property. At this time we have submitted plans into council.

    We have already organised a good builder, all the cost to build have been calculated, money for build is coming from overseas, loan from a 3 party.

    I have some questions on the property capital gains tax and other tax’s payable ? once we sell the townhouses.

    1. What are types of taxes we would be need to pay after the units are sold?

    2. Is the any way we can avoid paying the capital gains or other taxes even we keep property, live in it? Or rent it?

    thanks any help would be great! Charles

    Profile photo of Dan42Dan42
    Member
    @dan42
    Join Date: 2008
    Post Count: 619
    March 22, 2013 - 5:13 am

    You only pay CGT on sale, so if you kept the townhouses for rent, then you wouldn't pay anything at this stage.

    But that's not avoiding the tax, it's only delaying it, unless you never sell.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,436
    March 22, 2013 - 11:36 pm

    And don't forget GST.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

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