Hi everyone, I've been a silent reader for a while now and have always found great advice here. Now its my turn to ask for some help please...
I purchased land in a new estate back in May-14. The land only titles early-16, say March. Purchase price $450k, can sell now for $500k. My conditions have changed and I want sell this land.
1) Speaking to the sales agent in the estate they've advised that I can't sell it for a profit and that all I can do is a straight forward nomination. However, my conveyancer says that because the person I would nominate is not related I may still have to pay stamp duty (even though the land has not yet titled). Is this correct? Any way around it?
2) Ideally I'd like to sell for $500k. Hypothetically - nominate per above + $50k cash. Is there a better way? I don't mind paying discounted CGT on the profit (as I'll sell 12 months after I purchased), but the though of paying stamps for something that didn't even title in my name is painful!
Any help would be appreciated!
I purchased land in a new estate back in May-14. The land only titles early-16, say March. Purchase price $450k, can sell now for $500k. My conditions have changed and I want sell this land.
1) Speaking to the sales agent in the estate they've advised that I can't sell it for a profit and that all I can do is a straight forward nomination. However, my conveyancer says that because the person I would nominate is not related I may still have to pay stamp duty (even though the land has not yet titled). Is this correct? Any way around it?
2) Ideally I'd like to sell for $500k. Hypothetically - nominate per above + $50k cash. Is there a better way? I don't mind paying discounted CGT on the profit (as I'll sell 12 months after I purchased), but the though of paying stamps for something that didn't even title in my name is painful!
Any help would be appreciated!