Tax implications of subdividing

Discussion in 'Development' started by imonmyway, 8th Sep, 2016.

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  1. imonmyway

    imonmyway Member

    Joined:
    7th Jul, 2015
    Posts:
    6
    Location:
    Melbourne
    There are a lot of subdivisions in my area with the house being replaced with 2 double story townhouses that are about 24squares each and the development costs and sale prices seem to stack up.
    Im thinking of doing the same and keeping one to live in. Is there any capital gains tax if you sell one and move into the other or do you rent one out for a year while you live inthe 1st then move into the second or because you have lived there already its defferent.
     
    imonmyway, 8th Sep, 2016
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    42,005
    Location:
    Australia wide
    Yes
    consider
    CGT/Income tax
    GST
     
    Terry_w, 8th Sep, 2016
    #2
    Perthguy likes this.
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