Recent content by GraemeB

Thanks I will certainly getting advice from a competent professional, and maybe even organising a ruling from the ATO. Yes I will be up for Capital Gains Tax on the increase over cost base. The uncertainty is GST, which I hope can be avoided. Graeme

Thanks for that. I've had development approval for a subdivision. I'm not sure what you mean by the land becoming trading stock. It is still being used as farmland, and will be so until re-fenced and ready for sale. Graeme

Hi I was wondering if anyone could supply some background info prior to discussing this with my accountant. Three years ago I inherited some farmland. This farmland has been since leased to a farmer. In chosen to sell this land, and in order to realise the most from it have gained...