Hi,
I'm abit stuck and am hoping to find any help possible/ or even someone to direct me to the right direction.
Scenario
Current IP in Boronia (knox council - Vic, 3155), land size over 900m2 , have a wooden house on it, mostly have to demolish (confirmed) and is owned by me and my mother
Parents are interested to subdividing into 3 units, and distribute it among the siblings (3 of us, young working adults)
Questions:
What is a more tax effective way for our parents to pass on the property, subdivided?
Main reason for project is because my parents want to help kick start our property portfolio
is this project worth the effort?
Is this the best way: Subdivide with approved plans > Demolish existing house > then sell to kids
Another Issue: My name is already in the title, will I have to pay tax twice during the subdivision?
Hope someone can shine some light in my situation as to how to proceed.
Thank you in advance.
I'm abit stuck and am hoping to find any help possible/ or even someone to direct me to the right direction.
Scenario
Current IP in Boronia (knox council - Vic, 3155), land size over 900m2 , have a wooden house on it, mostly have to demolish (confirmed) and is owned by me and my mother
Parents are interested to subdividing into 3 units, and distribute it among the siblings (3 of us, young working adults)
Questions:
What is a more tax effective way for our parents to pass on the property, subdivided?
Main reason for project is because my parents want to help kick start our property portfolio
is this project worth the effort?
Is this the best way: Subdivide with approved plans > Demolish existing house > then sell to kids
Another Issue: My name is already in the title, will I have to pay tax twice during the subdivision?
Hope someone can shine some light in my situation as to how to proceed.
Thank you in advance.
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