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CGT is not payable on developments and stamp duty has nothing to do with the ATO, it's a state govt tax and not a fed govt one
Wrong, in isolation they are exempt from CGT etc but if they are a regular activity of the taxpayer then the taxpayer will be in the business of developing and subject to ordinary concepts 6-5 for taxation purposes, GST registration etc...
yeah thats what i was alluding to, ie that income tax would be payable not CGT
Thanks Erica,
I am impressed with your numbers .... I used to admire people who ran these projects and thought someday I would want to do this.
It helped me kick my full time job with Westpac, but certainly found there was more to life than stressing myself out.
If this works for you great, but I hope it does not eat into your time with your family, especially your son. You can never get that back ...
So work out what's the true cost of the project...
Well done Erica!!!
just joined this forum and already seeing real action and motivation from yourself and the community here.
May i ask how you manage to find the right sites for sub-dividing? do you find the right location first then wait for the property to come online or do you go and do letter box drops or speak to the realestate agent?