All Topics / Help Needed! / Capital gains tax/ builder developer

Viewing 4 posts - 1 through 4 (of 4 total)
  • Profile photo of guzziguzzi
    Member
    @guzzi
    Join Date: 2005
    Post Count: 17
    May 25, 2005 - 2:07 pm

    Hi guys/gals
    Does anybody know how capital gain is applied if you purchase a block of land & build?
    Assuming it is a IP property & you dont live there. Do you have to own it for 12 months to half the tax & does this include the building time?
    Then when you do sell how does the tax office know what the gain was? Maybe you just pay CGT on the preceived land gain?
    Too many questions..This development thing is fun but a little risky, keeps you on your toes.

    Replies greatly received…thanks

    w

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    May 25, 2005 - 11:41 pm

    I think there is a free booklet concerning this on the following accountant website:
    http://www.bantacs.com.au

    Terryw
    Discover Home Loans
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Don NicolussiDon Nicolussi
    Participant
    @don
    Join Date: 2005
    Post Count: 1,086
    May 26, 2005 - 2:28 pm

    IMO seek professional advice and factor in the tax cost ASAP

    best of luck with the project

    Don Nicolussi | Property Fan
    Email Me | Phone Me

    Learning, having fun and doing it!

    Profile photo of guzziguzzi
    Member
    @guzzi
    Join Date: 2005
    Post Count: 17
    May 28, 2005 - 11:11 am

    thanks guys …research & more research

    w

Viewing 4 posts - 1 through 4 (of 4 total)

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