Best way to find nominee for Nomination sale

Discussion in 'The Buying & Selling Process' started by Gel G., 25th Mar, 2020.

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  1. Gel G.

    Gel G. New Member

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    25th Mar, 2020
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    Melbourne
    Hi, I have purchased a land in Mt. Atkinson Truganina which is yet to be settled/ land title to be released in May-Jun 2020. Due to changed in circumstances, I have decided to not push through with the purchase however I cannot find a nominee. What is the best option to do? Settlement is fast approaching. What are the implications and costs if I settle the land and sell it after it has been titled?

    Is it possible to sell/nominate my land to builders?
     
  2. Paul@PFI

    [email protected] Tax Accounting + SMSF Business Plus Member

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    No. Not if you settle which seems the issue. And then consider the reasons for sale. GST may or may not factor in. Tax will, And maybe not CGT. I get the impression you wanted to profit from resale. You may have what I call a "dead loss". The loss is just disregarded for tax purposes.
     
  3. Gel G.

    Gel G. New Member

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    25th Mar, 2020
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    Melbourne
    Thanks @[email protected] Basically I just wanted to get rid of the land at minimum loss. I did not want to profit for the resale. I’m looking for a way out of the contract. What are the taxes that I may pay if I sell? A newbie here
     
  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Plus Member

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    You will need to find a buyer to onsell it, or speak to a lawyer about trying to terminate the contract and/or what you will lose if you fail to complete.

    Taxes if you sell will be stamp duty and either CGT or income tax, possibly GST