We live at the property in the detached extension / granny flat. We'll be moved in early December into the main house. Occupation certificate will...
I think I will ask for a private ruling from the ATO about the GST issue before commencing the subdivision process.
Hi Paul, just clarifying. I would be getting my wife on the title before the subdivision. That will or should be exempt. Are you saying that...
Update. Had a quick email exchange with my tax accountant. He sent me some links one of which is. Subdividing land However, any profit is...
Just reading some of your tax tips. They're excellent!
Thanks Terry. Looks like you answered before I finished editing my post! Very efficient!
Trying to do some notepad numbers before I go to the accountant! I won't act before I do. What I meant by the last paragraph was. We lost 240k on...
Well that's deflating! Guess it comes down to "if conducting an enterprise and if registered for GST." I would say no to both! But selling two IP...
As of a few weeks ago I took a redundancy. So, my 'job' is continuing to owner build our house and be a stay at home dad. Had two agents discuss...
Thanks for sharing your knowledge. Much appreciated.
Cheers. I'll have a read of that tonight. I figured GST would apply as it would be a new building (albeit lived in for a bit) prior to selling....
Thanks Terry. The strategy you propose sounds interesting. I will need to investigate that. Is it one of your strategy threads?!! The property...
I'll be going back to see him before I do put my wife on the title. He indicated that there shouldn't be any immediate CGT. Ie should be no tax to...
I had a look at those sections. The exemptions and clauses aren't relevant as best as I could tell. Today's meeting went well. We discussed the...
Yeah, I'm booked in for Thursday morning. I think at this stage in the meetings we'll just concentrate on the disposal of the two IPs and the tax...
Paul@PFI, thanks for chiming in on my question. It is appreciated. No confusion (I don't think!) between those two. I've satisfied the ATO rules...
Terry_w you've been of great help. That was the rule I was looking for but incorrectly had in my mind it was 12 months.
Very good point. But I built and have been living in a detached extension of the house according to council. I've also never heard of a knockdown...
Thanks again. I'll have a good read of that thread. The reason I thought I may need an ATO ruling was just to be sure that since I just was...
Thanks Terryw. Much appreciated. Now that we will be selling the joint investments. The intention is to add my wife to the PPOR title and become...
Separate names with a comma.