I hope I this is in the right section
Would you mind answering some questions from a couple of property amatures?
We are a couple in our mif 50's living in Croydon, Victoria.
Our family home is on a 1280 square meter corner block with the house situated toward the rear. We are thinking about subdividing and selling the front part of the block, which will be between 480 and 500 square meters.
Part of the proceeds from the sale wil be used to finalise our existing mortgage, leaving the remainder to invest elswhere for our retirement.
We have just started to investigate the steps we need to take to put this plan into place.
There was a bit of a shock for us when we spoke to the realestate agents and they told us that we will have to pay about 40% in capital gains tax on the sale. This will give us enough to pay off the mortgage but not very much left to reinvest for our retirememnt.
My question is.
Is there anything we can do to minimise the amount of tax we will have to pay to give us a much as possible to invest for our retirement?
Thanking you in advance for your help.
John
Would you mind answering some questions from a couple of property amatures?
We are a couple in our mif 50's living in Croydon, Victoria.
Our family home is on a 1280 square meter corner block with the house situated toward the rear. We are thinking about subdividing and selling the front part of the block, which will be between 480 and 500 square meters.
Part of the proceeds from the sale wil be used to finalise our existing mortgage, leaving the remainder to invest elswhere for our retirement.
We have just started to investigate the steps we need to take to put this plan into place.
There was a bit of a shock for us when we spoke to the realestate agents and they told us that we will have to pay about 40% in capital gains tax on the sale. This will give us enough to pay off the mortgage but not very much left to reinvest for our retirememnt.
My question is.
Is there anything we can do to minimise the amount of tax we will have to pay to give us a much as possible to invest for our retirement?
Thanking you in advance for your help.
John