Hi All,
Just needing to know if anyone can offer some practical advice on the following :
My partner & I are looking at purchasing vacant land (approx 10,000 sq/m) with another couple (cheaper to buy than 2 seperate blocks) in S/E Qld (Brisbane North – Moreton Bay Shire). We would then look at splitting this land into 3 seperate blocks (1 * 4,000 sq/m + 2 * 3,000 sq/m).
Once this is done, we would be selling off 1 of the smaller blocks to reduce debt. Of the remaining land, we would be looking at transferring other parties off our respective blocks (they would have 4,000 sq/m & we would have other 3,000 sq/m) which would require refinancing seperately.
Main road with full services run past this property & we would be looking at maintaining adequate coverage on front of blocks for easy access.
Would this be 2 seperate requests to council, or can we cover both together? Does anyone know approx what fees we would be looking at for this?
Tax implications. What tax implications should we be wary of? Do we wait for 1 year ownership before trying to do this? Any CGT or GST implications?
Are we better of building on properties before subdivision, or do we subdivide as vacant land then construct (other party was looking at putting on an American Barn style house to hold his 22 seat bus).
Any help, or referral to websites would be much appreciated.
We will be seeking ILA & IFA for this, would just like to have a bit of pre-knoweldge of pitfalls that we can ask about.
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