Hello all,
I signed up to buy a section last year in NZ, 10% down and the balance to be paid when the subdivision is completed and i get title. Since then the section has gone up in value quite a bit and i’m considering on selling when title comes up in about two mths.
So my question is this: How do i go about doing this? I kind of understand the theory but i’m a bit hazy on the actual ins and outs of the practice. Would anyone be so kind as to spell it out for a complete novice?
Any feedback would be greatly appreciated.
Regards,
Morty.Hi Morty
if your planning to sell it after you settle on it , then its very straight forward you just contact someone to sell it for you or you find a buyer yourself. But remember you will need to pay capital gains tax in Oz on your NZ profits. So maybe it might be worth holding for 12 months so you get the 50% CGT discount.
where’s the land if you don’t mind me asking?regards westan
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Thanks for your reply westan.
The section’s in Whitianga in the Coramandel.
Is it possible to onsell it before settlement or do i need to wait until it all goes through to my name?Cheers, Morty.
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