Need advise regarding the following:
We are thinking of building 2 units on a block we purchased 12 months ago. As there is no income from the block at present – there is no tax deduction for the loan attached to it!
We would like therefore to build and sell the front unit and keep the back unit as a rental property.
Do we need to subdivide the block to build the units?
Do we need to set up a Body Corporate?Depending on the answers – is it more beneficial to subdivide and if so why?
We would appreciate any comments and ideas!
If I was you I’d pick up the phone and make two phone calls.
One to my accountant and one to the council and you would have reliable, definitive answers within 30 minutes.
You might find…if you change your wafty “We are thinking of” to a more structured ‘business intention to build’…that a tax deduction or two might flow your way.
How much is this advice you seek really worth to you ??
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
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