Is it beneficial to setup ABN for 2 or 3 lots subdivision project?

I am looking to purchase a house and start subdivision process immediately.
Should I purchase the property under an ABN and manage the finance in the ABN's bank account? Will it be easier during tax time?

 

You don't seem to understand what an ABN is. Its a number not an entity. It is available to an entity conducting a business. Will you be conducting a business? if not you would have no entitlement.

 

An ABN is issed to a legal entity - e.g. yourself, or a company or a trust.

You need to think about what entity you will use and the associated asset protection, CGT and GST.

 

Agree with Terry's commnets regarding entity v ABN.
Also if the subdiv isnt intended to result in a sale then no ABN is permitted. An ABN is required by a tax entity that intends to make "supplies" whether taxable (GST) or not. If the intention is to construct to hold and rent then a ABN isnt allowed and no GST can be claimed.

 

Thank you for the reply. My accountant suggested to use a trust for small development.