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tax claim reletated to Development

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

  1. fairy

    fairy Active Member

    Joined:
    24th Jun, 2015
    Posts:
    42
    Location:
    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?
     
  2. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,400
    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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