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Sorry to hi jack the thread but I'm also in the same boat... My current accountant has really been off the ball as of late overlooking multiple issues, if anyone can recommend one it would be greatly appreciated

Thanks for that Terry It was originally a IP for 2 years prior to being developed. I'm assuming if it was a vacant lot I wouldn't qualify for the 50% CGT deduction then?

Sorry to hi-jack too but my accountant has led me to believe that I would be paying 1/11 gst on my profits (triplex development) and 50% of my profits is assessable for CGT? margin scheme was elected. eg 200k profit = 20k gst 180k/2 = 90k liable for CGT which is ontop of my personal income...

Thank you for the advice WM. Did you have to appoint a strata company for these units? or can you get away with it if its under 5 like villas?

Hey PMMELB, You just have to elect the margin scheme in the sale contracts of your units where the purchasers will have to sign as part of their contract. Cheers SM

Hi WM, loved your last Highgate thread. I have an idea which may or may not work as I'm not sure how the 5% block variation is applied but what if you applied for the 5% variation and subdivided the block into 5 townhouse's then applied for DA you could sell them as House and Land packages...

Wow... What an INSPIRATIONAL read! Congrats to WM and Kudos to Aaron for the persistence! I couldn't stop reading this thread until the very end! The firm I used came up with all sort of excuses to not change their plans when I raised a few issues saying it was as good as it gets despite...