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+1 for getting professional advice in such complex matters. Met with Paul today and after running all the figures it ended up being an easy decision. If anyone needs some guidance i would highly recommebnd him. Cheers Dan

Thanks everyone for the help. Will go and see Paul next week to try and get it all sorted!

Thanks Paul and Terry, So based on your replies it seems that we would be liable for both GST and the profit would also be taxed according to our income threshold. What a rort! This would basically halve the profit! So my understanding is GST is avoidable if we hold for at least 5 years...

Hi Paul, Thanks heaps for the reply. We have definitely learnt the hard way that tax advice is best sought out prior to purchasing. We will know for next time! We assumed that we would have to pay CGT on the original house as it was tenanted. If our original intention was to buy the...

Okay. I'm very confused. A quick run down: My partner and i purchased a 4 bedroom house in 2013. The house was on a large block and came with plans for sub division of the block (1 into 2) and plans for a new house to be built on the new block. Tenants moved straight into the existing...