Ppor subdivision

Discussion in 'Development' started by Joshwaaaa, 23rd Jun, 2015.

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  1. SimonKia

    SimonKia Active Member

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    Any updates? Hows it coming along?
     
  2. Joshwaaaa

    Joshwaaaa Well-Known Member

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    Had handover last week. However kitchen bench tops are all getting replaced this Wednesday, one of their tradies managed to chip it all pretty badly.

    Carpet is going in to the bedrooms today, so i spent my weekend doing all the flooring through the rest of the house on the weekend. FB_IMG_1437957501519.jpg FB_IMG_1437957469595.jpg

    My other half pretty much had to take over the site supervisor role the last couple weeks and organise all the trades to fix their stuff ups as the ss made lots of promises but didnt deliver on any.

    When i find some spare time I'll take some decent pics of the finished product.
     
  3. Joshwaaaa

    Joshwaaaa Well-Known Member

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    2FAST4U and Westminster like this.
  4. bob shovel

    bob shovel Well-Known Member

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    Congrats! Great job

    Are you moving into the new one? Hence your own design?

    The old place you sold looks nice and neat too,well done.

    Have you been down there long? My Mrs had a friend that just moved to Port nouralunga. Always liked Adelaide, wouldn't mind living there
     
  5. Joshwaaaa

    Joshwaaaa Well-Known Member

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    I pretty much grew up in the area, moved away in my teens and bought into the area in my 20's as it was a pretty affordable area not too far away everything I enjoy, beaches etc. Port noarlunga is a nice place good beaches, cafes and plenty of up and coming development.

    Yeah we are living in the new place, just for the short term. As soon as we get around to finishing all the landscaping we will be on the lookout for our "forever" ppor.
     
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  6. gach2

    gach2 Well-Known Member

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    just saw this tread and while reading i was going to ask why dont you move into the new place
    and you have :)

    I might be wrong here but i dont think you need to pay any cgt. The existing house was your PPOR hence exempt and your new house (i assume it only became an asset after you subdivided) has also become your PPOR and hence also exempt

    From the numbers you posted if you sold the new house first and stayed in the existing the money your recieve after sale of the new house after selling cost and tax would have been same
     
  7. gach2

    gach2 Well-Known Member

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    does your old house have an undercover parking space?

    if not lucky your council didnt ask for one, most do with subdivisions and dual occs
     
  8. bob shovel

    bob shovel Well-Known Member

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    Good stuff!will the forever house be around there?
    McLaren Vale is wine country isn't it?
     
  9. Joshwaaaa

    Joshwaaaa Well-Known Member

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    it sure is, that the direction we are heading, not much of a wine drinker myself but it's some nice country up that way. Misses has a few horses and I like my toys so aiming for acreage, whether we can get anything suitable in our price bracket is another question.


    Building and selling a brand new house will trigger GST, would be better off just selling land alone. And ATO is tight on cgt when it comes to subdivisions, it has to be paid on one or the other even if both become ppor at some point. I'm a bit daft when it comes to numbers but the accountant has been over it with me and it makes sense and I dont think it's going to be too bad overall.
     
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  10. Pier1

    Pier1 Well-Known Member

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    Why would it be brand new? You are living in it aren't you, pretty sure that makes it second hand? Do you currently claim PPOR on any other property? Why cant you claim PPOR on your new digs? You planned to live in the new house, which you do and now your circumstances have changed, I am yet to see a law that forbids changing your mind.........I would seek further advice.
     
  11. Joshwaaaa

    Joshwaaaa Well-Known Member

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    I was responding to this comment from gach2,

    "From the numbers you posted if you sold the new house first and stayed in the existing the money your recieve after sale of the new house after selling cost and tax would have been same"

    it would be brand new in that case. But yes the new place is our current ppor which will be cgt free, however we still need to pay cgt on the existing which we just sold
     
  12. Joshwaaaa

    Joshwaaaa Well-Known Member

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  13. gach2

    gach2 Well-Known Member

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    im not sure if thats 100% correct but ive just skimmed it, will look into it in the future

    thanks for the link
     
  14. melbournian

    melbournian Well-Known Member

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    HI josh - where did you end up putting the garage or carport for the 1st original dwelling?
     
  15. Joshwaaaa

    Joshwaaaa Well-Known Member

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    Don't need one, only need off street parking for 1 car for a three bedroom house. Onkaparinga council is probably one of the most lenient on development here.
     
  16. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    Good job @Joshwaaaa. It will give you a good boost onto the next property
     
    Joshwaaaa likes this.

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