Taxes on building a duplex

Discussion in 'Development' started by Jamesaurus, 11th Sep, 2020.

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  1. Jamesaurus

    Jamesaurus Well-Known Member

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    18th Dec, 2017
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    Location:
    Canberra
    Currently putting together a feasibility on a duplex site, and trying to list all the taxes one would be accountable for if bought in an individuals name:

    - Stamp duty on the original purchase
    - GST on the sale of both sides when sold
    - Capital Gains tax on the sale - at the individuals tax rate, 12 month discount if held longer, avoided for one side if ppor in that side before selling

    Can anyone think of anything I'm missing/not correct about?
     
    Jamesaurus, 11th Sep, 2020
    #1
  2. Terry_w

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

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    CGT prob won't apply if selling - income tax on revenue account
    land tax too.
     
    Terry_w, 11th Sep, 2020
    #2
  3. Paul@PAS

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

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    18th Jun, 2015
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    Location:
    Sydney
    Have a read of our developer tooklit for broad understanding on a range of tax issues including the reason the main residence exemption may not even apply "before selling".
    I wish I had $100 for everyone who thinks CGT applies and they can live in it and avoid income tax and GST with an intention to sell.
     

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    Paul@PAS, 11th Sep, 2020
    #3