Having a Go

[ojas]

Have been offered 6 x 3 bedroom town houses in a gret area of the Gold Coast....Air Conditioning , Granite Bench Tops, DLUG plus an area for a small study...built out of permanent materials. Final settlement end September..

It has been suggested to me that I should purchase these 6 (in a complex of 9) and hopefully on sell prior to settlement.It has been mentioned that I should be able to clear at least $20 K per unit.

Could some one out there please explain the tax implications if any relating to Capital Gains etc.

Is this a good idea?

Thanks
ojas::

 

[bundy1964]

Hi ojas

You pay CGT on 100% of the profit as they will be held for under a year.

I am not sure if you pay stamp duty for a flip in QLD.....Asy Kevin?

The first ? I would ask myself is if they don't sell before settlement could I settle?

Do you have independant advice on prices?

Are you a local or interstate?

bundy

 

[layer181]

Ojas
If you have to settle, stamp duty and agent commission plus rates legals etc.Not much left of 20K
layer181

 

[ojas]

Thanks for that...Yes , you are correct there will not be a great deal left over , especially when the agent takes approx 3% in commission (about $70K) and I also have to be able to on sell by settlement date....I may be in the poo if that did not occur. It probably is a little to speculative. No doubt it does work if structured correctly.

Cheers
ojas