On selling unregistered land

Hey all,

I'm looking for anyone's experience in onselling unregistered land. If I purchase unregister land am I able to sell it at any time (at a profit) or do I have to wait until settlement date and have my own contract drawn up? Of course there will be stamp duty and capital gains tax payable on any profits

 

You will have to sell your loan 'off the plan' as it doesn't yet exist. So you would have to do a simultaneous settlement - vendor, you and end purchaser.

Alternatively you could assign the contrac or nominate a new person at settlement.

All have stamp duty and tax consequences. stamp duty will likely apply 2x. and the profits taxed as income or capital gains depending on the situation.

 

Thankyou for the reply Terry. Could you explain why there would be 2x stamp duty, if I'm only buying it once?

Regards

 

someone is buying from you too so they would pay stamp duty.

 

Thanks again Terry. I was under the impression that I had to pay stamp duty two times. Thankyou