All Topics / Legal & Accounting / Retain 1 of 1 into 5 development

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  • Profile photo of JCJC
    Participant
    @jarrad-cibich
    Join Date: 2006
    Post Count: 2
    March 7, 2017 - 9:57 am

    Hello

    I’m in the process of building out a 1 into 5 development. This development overall has slightly less profit in it than the value of one of the dwellings. Instead of selling all 5, I want to move into 1 of the dwellings. Can someone please provide an overall view on tax advantages? Without the sale of the final dwelling, there will be no realised gain. Will I need to apportion income tax and GST?

    Thanks
    JC

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    March 7, 2017 - 3:33 pm

    Apportionment needed

    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 wilko1wilko1
    Participant
    @wilko1
    Join Date: 2010
    Post Count: 510
    March 8, 2017 - 6:15 pm

    Move into the highest net profit dwelling after apportionment done. Sell remaining 4.

    • This reply was modified 7 years, 8 months ago by Profile photo of wilko1 wilko1.
    Profile photo of JCJC
    Participant
    @jarrad-cibich
    Join Date: 2006
    Post Count: 2
    March 9, 2017 - 11:39 am

    Thanks Gents!

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

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