In 2006 I purchased a house for $160k.
I rented the house out for 12 months, then renovated it (which took another 12 months, in which time the property was vacant). I have a quantity surveyors report stating $40k of works.
I then rented the house out for 12 months, then moved into it. I have now lived in it for 12 months.
I have subdivided the block into 2, and sold a townhouse off the plan for $250k. This is going to cost $155k to build, with $5k for a common driveway and $15k for a garage for the front house.
How is tax calculated on the sale of the townhouse??
Also, if i sold the PPOR for $230k is it tax free given it is my PPOR??
Many thanks in advance.
I rented the house out for 12 months, then renovated it (which took another 12 months, in which time the property was vacant). I have a quantity surveyors report stating $40k of works.
I then rented the house out for 12 months, then moved into it. I have now lived in it for 12 months.
I have subdivided the block into 2, and sold a townhouse off the plan for $250k. This is going to cost $155k to build, with $5k for a common driveway and $15k for a garage for the front house.
How is tax calculated on the sale of the townhouse??
Also, if i sold the PPOR for $230k is it tax free given it is my PPOR??
Many thanks in advance.
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