I’m in Queensland
Hi
A question for my accountant perhaps but I would like other opinions from people who have been bitten/successful in this area.
I am currently negotiating to buy a house on a corner with a long backyard. I would like to put two more (removal) houses behind it (facing the other street) and subdivide into three lots. I have already been to the council and it can be done.
Another option is to not subdivide but find a buyer for all three.
My question is: How is capital gains worked out over various senarios eg selling the houses one by one over a period of time. If I sell two of the three for more than they all cost and pay some CGT should I hang on to the third or else pay CGT on the whole of the sale price (or 50% of the sale price).
I would be interested to hear any ‘war stories’.
Also while I have the floor whats this on paying GST when selling an investment property. This is contrary to what I thought but have seen a few articles about it in magazines.
Cheers
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