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 house as we intended on building the new house (once the block was subdivided) and this becoming our PPOR.
We were struggling for capital and thus sold the exisitng house (half way through building the new house) to free up funds to finish our PPOR.
We have now completed the new house and plan to live in it for 6 months. With the market being so strong we are considering selling once the 6 month period is up.
This is the first house we have ever purchased.
My questions are:
- are we liable for GST or CGT on the sale of the new house?
- i assume we will have to pay CGT on the original house as we never lived in it?
- are there any other tax considerations we should be looking into?
Feeling very confused and any help would be greatly appreciated!
Thanks
Dan
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 house as we intended on building the new house (once the block was subdivided) and this becoming our PPOR.
We were struggling for capital and thus sold the exisitng house (half way through building the new house) to free up funds to finish our PPOR.
We have now completed the new house and plan to live in it for 6 months. With the market being so strong we are considering selling once the 6 month period is up.
This is the first house we have ever purchased.
My questions are:
- are we liable for GST or CGT on the sale of the new house?
- i assume we will have to pay CGT on the original house as we never lived in it?
- are there any other tax considerations we should be looking into?
Feeling very confused and any help would be greatly appreciated!
Thanks
Dan