Selling development blocks in SW Sydney, what costs involved+ what tax benefits?

Hi all,
As a first time investor I must apologize for what sounds like pretty basis questions for investors.
We have a couple of land release building blocks in SW Sydney that have yet to be registered. We purchased these this year and will be putting them on the market 2nd Q next year. Registration is not until Q4 next year.
What costs will we face apart from the following;
Sellers Fee (The original sub division seller will relist these for us for 5k each)
Solicitors fees
Stamp duty
CGT ( as we will be selling with in the 12mth limit and not be eligible for the 50% discount)

Is there anything we have missed?
I must point out that we have no desire to finalize any of these at registration and develop as this will use up any equity we have for our future investment portfolio. Our desire here was to generate some income (however small) to help write down our current mortgage and increase equity in our PPR.

What tax concessions or tax savings can we look forward to and make sure our account has these covered.

Thank you.

 

Sounds like it may be not CGT but taxed as income as your intention was to sell at a profit.

 

Terry,
thank you. I think we have this covered as we have a 99/1 split between wifey and I ( i have the higher income.
Any one else...
Bueller
Bueller

anyone

 

Legal Tip 68: Avoid 99%/1% ownership of property

 

Terry,
dumb question.. why?
this split was carried out for tax purposes for a short term purchase and resale within 12 months..
no chance of the "D" word....

 

Did you read my post? The main reason is contractual disputes. Say you cannot settle for what ever reason, you will both be sued. THis applies to both purchase and sale. A double change of both being sued. Best to use one of you as 1% amounts to didly sqwat.

 

Thank you @Terry_w for that information.
I have one other question regarding these blocks.
We have deposit bonds with our bank against our present PPOR mortgage The bank has these as term deposits, we have establishment fees on each term deposit as well charges every 6 months ongoing fees to maintain these.
Are we able to claim these fees as costs when doing our final calcs for CGT?

 

PT I would think that these fees would be deductible against income or CGT depending on the circumstances.