G'Day all great Tax Minds,
I would like some feedback on what the CGT implications would be on the following scenario.
PPOR purchased Sept 1997 $146,000
current value $300,000 (at a push)
plan to demolish house and construct 3 townhouses and sell all of them.
costs to construct including all planning, fees, contributions, headworks charges, selling expenses etc. $ 450,000 for the 3.
conservative selling price each $ 340,000
total for 3 townhouses: $1.02 Million
Question is what $amount is to be taxed.
regards
I would like some feedback on what the CGT implications would be on the following scenario.
PPOR purchased Sept 1997 $146,000
current value $300,000 (at a push)
plan to demolish house and construct 3 townhouses and sell all of them.
costs to construct including all planning, fees, contributions, headworks charges, selling expenses etc. $ 450,000 for the 3.
conservative selling price each $ 340,000
total for 3 townhouses: $1.02 Million
Question is what $amount is to be taxed.
regards