tax claim reletated to Development

Discussion in 'Accounting & Tax' started by fairy, 29th Jun, 2016.

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  1. fairy

    fairy Active Member

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    24th Jun, 2015
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    Canberra
    I recently Purchased a block of land where i looking at doing multiunit development. Once i sell i will be paying related tax. My question is while development in progress can i claim the interest and stamp duty (It is in canberra) in my tax return?
     
    fairy, 29th Jun, 2016
    #1
  2. Paul@PAS

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

    Joined:
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    Location:
    Sydney
    Yes but no. It doesnt offset salary income. It would defer until you sell in reality unless you have profits from another dev etc...

    Read more about dev taxes in my Developer Guide. Sounds like you need to understand the tax plan before you race ahead.
     

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    Paul@PAS, 29th Jun, 2016
    #2
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