Hello Everyone,
My hubby and I bought a block of land of the plan a little while ago. It's yet to settle (due to in Feb/Mar). Anyway, we've had an offer on the block which were thinking of taking up. Problem is that we've been told that in the ACT you're not allowed to make a profit on selling land. I've heard that before but wasn't sure of the legislation behind it. Does anyone know where I can find it? I want to know that if I just cover my costs such as agents fees and stamp duty, does that still constitute a profit?
My hubby and I bought a block of land of the plan a little while ago. It's yet to settle (due to in Feb/Mar). Anyway, we've had an offer on the block which were thinking of taking up. Problem is that we've been told that in the ACT you're not allowed to make a profit on selling land. I've heard that before but wasn't sure of the legislation behind it. Does anyone know where I can find it? I want to know that if I just cover my costs such as agents fees and stamp duty, does that still constitute a profit?
