Hi, I am looking at purchasing a property which has a house on 2 blocks. My plan is to keep the existing house and build either 1 new house on the other block or a duplex.
From what I ahve read, if we plan to do this we need to register for GST and charge this on the price of the house. Is that correct? What happens if we decide to sell the original house as well - would that incur CGT? If so, how would this be worked out given that the set up is differnt to when we bought it?
Thanks in advance
Shona
From what I ahve read, if we plan to do this we need to register for GST and charge this on the price of the house. Is that correct? What happens if we decide to sell the original house as well - would that incur CGT? If so, how would this be worked out given that the set up is differnt to when we bought it?
Thanks in advance
Shona