Follow along with the video below to see how to install our site as a web app on your home screen.
Note: This feature may not be available in some browsers.
If I buy a house and rent it out for 1 year, then reno and sell I know I have to pay 50% of profit to ATO. But what is profit based on, can I claim stamp duty? any renovations? solicitors fees? real estate agents fees?? rates and water rates?
Propertunity
You don't always get a 50% CGT Discount just for holding a property more than 12 months. It this a profit from an isolated transaction and on revenue account and CGT doesn't need to be considered ? Most important question first.
If I buy a house and rent it out for 1 year, then reno and sell I know I have to pay 50% of profit to ATO. But what is profit based on, can I claim stamp duty? any renovations? solicitors fees? real estate agents fees?? rates and water rates?
yes was thinking of doing this as a money making concern. would be interested in how I could do it with least tax involved considering I own my own home (so couldnt claim it as ppr) and other investment properties as well.
Terry, is that because it would be classed as a'business' and you are selling a business, therefore gst would apply to the sale? If you have paid gst on all the items you have purchased can you claim that back on tax?