All Topics / Legal & Accounting / Subdivison of PPOR – Tax Implications

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  • Profile photo of FireflyFirefly
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    @kiz
    Join Date: 2004
    Post Count: 30

    Hi,

    We have purchased our forever home which sits on 21 acres and are subdividing off 3.5 acres. My previous accountant told me that all I needed was a real estate agent’s appraisal of the value of each proposed block comparable to the purchase price for the declaration of profit. My new accountant initially advised to get a full valuation done however has now  told me to engage a tax lawyer which seems a little extreme! We have done substantial earthworks and renovations to a house that was largely a knockdown which would now change the value of the part we’re keeping, so the idea of having a valuation done at time of sale (hopefully late this year) seems a bit unfair.

    Has anyone done this before (QLD) with their PPOR and is happy to share how you worked out how to declare the profit margin?

    Thank you in advance for any shared information :)

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