Forums / Getting Technical / Legal & Accounting / Retain 1 of 1 into 5 development

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  • Profile photo of JCJC
    Participant
    @jarrad-cibich
    Join Date: 2006
    Post Count: 2

    Hello

    I’m in the process of building out a 1 into 5 development. This development overall has slightly less profit in it than the value of one of the dwellings. Instead of selling all 5, I want to move into 1 of the dwellings. Can someone please provide an overall view on tax advantages? Without the sale of the final dwelling, there will be no realised gain. Will I need to apportion income tax and GST?

    Thanks
    JC

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,190

    Apportionment needed

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

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of wilko1wilko1
    Participant
    @wilko1
    Join Date: 2010
    Post Count: 510

    Move into the highest net profit dwelling after apportionment done. Sell remaining 4.

    • This reply was modified 2 years, 9 months ago by Profile photo of wilko1 wilko1.
    Profile photo of JCJC
    Participant
    @jarrad-cibich
    Join Date: 2006
    Post Count: 2

    Thanks Gents!

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