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  • Profile photo of sixpacsixpac
    Member
    @sixpac
    Join Date: 2004
    Post Count: 3
    June 21, 2004 - 7:40 pm

    Hi

    I have now found all the answers I need on the following URL, under the heading
    “Constructing, renovating or repairing a dwelling on land you already own”
    [grad]
    Thanks for the help.

    http://www.ato.gov.au/print.asp?doc=/content/10675.htm&page=9#P1791_176650

    Profile photo of sixpacsixpac
    Member
    @sixpac
    Join Date: 2004
    Post Count: 3
    June 19, 2004 - 9:51 am

    Thanks Terry and Derek for your info.

    Derek, I must mention that the dates I quoted are hypothetical. I used them just so I have something to work on.
    You are correct when pointing out that there are costs involved with agents and fees and duties, but in this case I will be an owner builder, so there are no builder overheads or profit margins to account for in the second house.

    If I understand you correctly, it would be prudent for me to establish values of comparable building sites at the time that I sell the house in Sept 2004 so that a realistic increase in land values can be determined from the time I bought the land (Jan 2004) until it became eligible for my new PPOR, (Sept 2004).

    Thanks,
    6pac.

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