Selling lots of land

Discussion in 'The Buying & Selling Process' started by Cooper1173, 11th May, 2022.

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  1. Cooper1173

    Cooper1173 New Member

    Joined:
    11th May, 2022
    Posts:
    1
    Location:
    Hobart
    Hi all ,

    First home buyers here, we have purchased a property which has 45 acres of land. We are wanting to sell off two areas of land , we have the last surveyors plans and it looks like these particular areas and seperate lots of land on the plans ( away from the house and main acreage ) My question is where do we go from here in finding out if we are able to sell these lots and what the steps would be to get the ball rolling ?

    Thanks in advance!
     
    Cooper1173, 11th May, 2022
    #1
  2. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    23,470
    Location:
    Sydney
    A local town planner can guide such issues and the process. Many rural "lots" may be limited to a sale to an adjoining owner which can attached to their holding rather than a free standing use. eg There may be a 40acre limit for example and so the 5 you plan to sell wont comply. This is particularly common on the urban fringe. Council dont want these sites snipped up into very small lots.

    Be wary of the tax and GST issues and also get tax advice. If the property is also a home only a small % of its is CGT exempt (2ha or close to 5 acres) and that usually means the portion being sold is taxable. No CGT discount perhaps
     
    Paul@PAS, 11th May, 2022
    #2
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