Hi all,
4 years ago I bought a large site with an existing house, with the idea to develop the rear and add 2 units. I renovated the front house and prepared the survey of the land, reestablishment of the boundaries and had a pre application meeting with council.
I bought this property under my name.
Then, because of personal issues, I couldn't do anything in relation to this site.
Now, I am ready to continue with this project, but I would like to transfer the property into a discretionary trust.
After these 4 years, the value of the property is slightly lower.
As the original plan when I bought the site, it was as a business and income producer, the purchase and its profit was going to be treated as income tax and not as capital gain tax. Therefore, can i offset now that I am selling this property, the loss against my income as an architect?
Could you please clarify this for me?
This is the first development I am doing for myself, but I do work as an architect for a firm and at the same time I have independent projects using my ABN number. Can I still claim this small loss against my salary and my other income?
Thanks in advance,
Fabiana
4 years ago I bought a large site with an existing house, with the idea to develop the rear and add 2 units. I renovated the front house and prepared the survey of the land, reestablishment of the boundaries and had a pre application meeting with council.
I bought this property under my name.
Then, because of personal issues, I couldn't do anything in relation to this site.
Now, I am ready to continue with this project, but I would like to transfer the property into a discretionary trust.
After these 4 years, the value of the property is slightly lower.
As the original plan when I bought the site, it was as a business and income producer, the purchase and its profit was going to be treated as income tax and not as capital gain tax. Therefore, can i offset now that I am selling this property, the loss against my income as an architect?
Could you please clarify this for me?
This is the first development I am doing for myself, but I do work as an architect for a firm and at the same time I have independent projects using my ABN number. Can I still claim this small loss against my salary and my other income?
Thanks in advance,
Fabiana