All Topics / General Property / Open space contribution & Subdivision question

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  • freedg420
    Participant
    @freedg420
    Join Date: 2021
    Post Count: 0
    May 29, 2021 - 10:56 pm

    Hi, I have built 3 townhouses but will not be selling them for 12 months due to tax reasons.

    The Subdivision application has gone in and not been finalized because I haven’t paid the open space contribution.

    Council has agreed I can pay it off by Aug-21 (it’s nearly 40k).

    This gives me 6 months to make monthly repayments which makes it easier for me.

    But I wanted to ask – is there anything that could happen between now and August if the subdivision is not finalized?

    I am worried this will bite me if I don’t pay it all now. I have never built now so this is all new to me.

    Thank you for any insights you could offer :)

    • This topic was modified 3 years, 5 months ago by  freedg420.
    • This topic was modified 3 years, 5 months ago by  freedg420.
    • This topic was modified 3 years, 5 months ago by Profile photo of Benny Benny. Reason: Put question in correct forum
    Profile photo of Colin RiceColin Rice
    Participant
    @fms
    Join Date: 2011
    Post Count: 338
    May 31, 2021 - 4:47 pm

    If you are not planning on selling for 12 months and won’t be able to title for 6 months due to paying off the OSC then it gives you 6 months to get titles ready in order to sell the units individually, cant see anything obvious that will prevent this happening?

    Colin Rice | CDR Finance
    http://cdrfinance.com.au/
    Email Me | Phone Me

    Perth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]

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