Hi Guys.
I am about to start my second renovation... i have all intention of selling this project on completion. (8 weeks) I was going to start a company and buy the property though that..
My impression was that instead of paying CGT on the Profit, i would just pay the 30% company tax.
Is this correct? for instance.
total profit $200,000 minus 67,000 holding cost and expenses + renos..
= $133,000 nett proft.... am i just taxed 30% on this figure.. or does cgt apply then i pay a further 30% on the amoutn after cgt?
i know i could make it my main residence so im exempt that way... was just hoping there was an easier way...
I am about to start my second renovation... i have all intention of selling this project on completion. (8 weeks) I was going to start a company and buy the property though that..
My impression was that instead of paying CGT on the Profit, i would just pay the 30% company tax.
Is this correct? for instance.
total profit $200,000 minus 67,000 holding cost and expenses + renos..
= $133,000 nett proft.... am i just taxed 30% on this figure.. or does cgt apply then i pay a further 30% on the amoutn after cgt?
i know i could make it my main residence so im exempt that way... was just hoping there was an easier way...