Subdivision tax implication

Hi everyone,

I have been following this forum with great info available. This is my first post hopefully can get some advise. Myself and my partner are thinking of buying an old house with subdivision potential. Our intention is to split the block and sell one and use the proceeds to build our family home. My partner earns 4 times more than myself. Below are my questions:

- what's the best approach in terms of tax benefits (or tax outlays). E.g buying under both our names or just use my husband name

- how does stamp duty, CGT, GST?? (if any) implies at different stage. Purchase property, subdivision and selling one block.

- anything else I need to consider? E.g need to advise bank for our intention? We are planning on borrowing 80% of the total cost.

Thanks everyone.

 

1. get legal advice as there is more to ownership than tax. If selling for a gain it would be better in the lower income earner's name, for an immediate income tax perspective. but if incomes are close it might be best in joint names 50/50

2. stamp duty on transfers of title, income tax on profits, CGT on realising assets, gst on sale of new property if conducting an enterprise.

3/ heaps.
capital or revenue account, estate planning, asset protection, ability to get finance, deductibility of interest, etc