How is the CGT calculated in this scenario? Assume Erica is selling the vacant land after 12 months.
Taxed on profit as income as the property was purchased to develop, theres no CGT therefore no 12 month 50% CGT discount
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How is the CGT calculated in this scenario? Assume Erica is selling the vacant land after 12 months.
Developing property is excellent way to make money, however you always have a silent partner, who works for nothing ATO GST, CGT, Stamp Duty
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
OK, its tax that has to be paid.
What can you clarify, I am sure developers pay CGT if selling ???? Pretty sure this has been mentioned by Paul in accounting section, I wish I was wrong
Income tax is payable on developments not CGT
Also, I purchase in a Trust this way I can distribute at least try to minimise the paint.
Which paint??
Our son has this same issue. Bank valuer ignoring the house and lending on land value due to a couple is pulled up floorboards and couple of bits of evidence we had left in our investigations of old termite damage. I was gobsmacked. Broker was no help as next bank refused to revalue. They will use their own funds (and some family loan) to patch up and revalue in a few months.