I have a deposit on a block in a new development which seems to be a long way from reaching settlement. If I can sell the land again before the settlement what do I need to consider? Is CGT payable? what other costs are involved before I can profit from the sale? Should I try to sell privately or is it advisable to use the agent who I originally bought the land through.
Thanks for any info.Hey shralper,
Welcome. Which state are you in. I know in Queensland you can assign the contract but double stamps would be due. Also you will face CGT on the profit. Just remember though with looking at the deal if you make money but have costs……..at least you make money.Enjoy
AD [:0)]
(Andrew)“”Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.”
Albert EinsteinVery informative site! Just what I’ve been looking for, I like the idea of an investment property since I’ve now got some equity to play with.
I’m in SA, I’m hoping that I can sell for about $10-15k more than I would have to pay if it goes thru to settlement. It may be not my 1st Million but will surely help. [
]
Double stamp duty.. anything else to consider? what about agents and brokers fees? ballpark?
and CGT at my current tax rate?
]The topic ‘Re-sell before settlement’ is closed to new replies.
