All Topics / Help Needed! / 3 Townhouses complete – Tax Agent & Next Move?

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  • Profile photo of Suri007Suri007
    Participant
    @suri007
    Join Date: 2012
    Post Count: 21
    June 30, 2020 - 12:58 am

    Hi All,

    After acquiring land in 2015, and going through a painful process to get 3 townhouses approved and building them in the South Eastern Side of Melbourne, I am happy to say they’re nearing completion – driveway and landscaping remaining.

    I have a 1.48M loan for the e2e cost sofar.

    The intention was to keep all 3 and rent them out. But they’re all in my personal name and my tax bracket is high.

    I am not sure if I should sell all, sell some or what?

    I know I want to buy another land and repeat the process. But I am not sure how to move forward.

    Does anyone know a reliable property tax agent to guide me through this maze please?

    If you do, please let me know I really need some direction.

    Thanks All!

     

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    June 30, 2020 - 5:13 pm

    try Mike at http://www.propertytaxsolutions.com.au in melb.

     

    If you have made money you could sell and repeat the process and potentially make more (by getting more efficient). Next time consider using a company to hold the property perhaps.

    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

    Profile photo of Suri007Suri007
    Participant
    @suri007
    Join Date: 2012
    Post Count: 21
    June 30, 2020 - 10:39 pm

    Thanks Terry!! Hope you’ve been well :)

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