Irwin replied to the topic Capital gain tax on new unit sales in the forum Legal & Accounting 9 years, 10 months ago
Correct me if I am wrong but I think the CGT 50% discount will still be applicable until the building commencement assuming that you changed your ‘intention’ from gaining rental income to profit undertaking. Then from that point based on the market value, the whole profit will be considered as revenue and subject to income tax and GST
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Irwin started the topic Development on PPOR in the forum Legal & Accounting 9 years, 10 months ago
I got a land and house which has always been my PPOR. I am now planning to demolish and subdivide it into smaller units. I will then keep one unit which will be my PPOR. Couple things that I’d like to clarify:
1. I’ve been told that the CGT exemption will apply up to the point when it’s being demolished. So profit of 300K is tax free from the…[Read more]
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Irwin became a registered member 9 years, 10 months ago
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