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Ouch sorry to hear. Have you calculated how much profit will be after gst and selling costs? We're there unexpected events with the reno or was it just under budgeted in hindsight?

THats extremely cheap, what's the catch? thehey must be making money elsewhere on your project

Sorry to hear Erica. This is why it's important to not only budget accurately but have a contingency, best wishes for the rest of your project

yeah thats what i was alluding to, ie that income tax would be payable not CGT

Income tax is payable on developments not CGT To be honest gst Is harsh I agree but lots of people have to pay gst out there and income tax is certainly reasonable, why shouldn't profits be taxed? Stamp duty is a stupid duty though and one I'd like to see abolished in favour of land tax...

CGT is not payable on developments and stamp duty has nothing to do with the ATO, it's a state govt tax and not a fed govt one