hi,
long time reader, first time poster.
young kid seeking help from the brains trust that is somersoft
A little background:
When i was 18/19 i bought myself my first house for an undervalued 200k, nothing special, 3 bed brick house needed a little work.The draw-card of the property it has 3 titles of land on it. The block itself is 720 sqm.
Fast forward 5 (hard) years currently valued @ 340k. I owe roughly 30K atm.
After speaking with the council town planner, and looking into triplexes, I found I could build 3 dual occ dwellings(triplex).
I have crunched some numbers and done my homework(to the best of knowledge) and its seems to have good margin (roughly 25-30%).But there are still some things i'm unsure about.
My questions are:
1) the current house is a PPOR, if i construct a triplex. i would assume when i erect 3 structures that i can claim one as PPOR? is this true?
2) I plan to keep one or two to rent out, must i keep them 5 years to not pay GST?
3)Can i sell them one by one over a period of time say ( yr 1 triplex 1, yr 2 triplex 2, yr 3 triplex 3) and claim them as PPOR's to minimize capital gains?
4)in regards to capital gains tax which i may have to pay, the house came with three titles do i divide base cost 200k/ 3 to account for CGT?
sorry i should have dipped my toe in before jumping in, but the water looks nice.
any advice/tips would be very welcome.
thanking everyone in advance.
long time reader, first time poster.
young kid seeking help from the brains trust that is somersoft
A little background:
When i was 18/19 i bought myself my first house for an undervalued 200k, nothing special, 3 bed brick house needed a little work.The draw-card of the property it has 3 titles of land on it. The block itself is 720 sqm.
Fast forward 5 (hard) years currently valued @ 340k. I owe roughly 30K atm.
After speaking with the council town planner, and looking into triplexes, I found I could build 3 dual occ dwellings(triplex).
I have crunched some numbers and done my homework(to the best of knowledge) and its seems to have good margin (roughly 25-30%).But there are still some things i'm unsure about.
My questions are:
1) the current house is a PPOR, if i construct a triplex. i would assume when i erect 3 structures that i can claim one as PPOR? is this true?
2) I plan to keep one or two to rent out, must i keep them 5 years to not pay GST?
3)Can i sell them one by one over a period of time say ( yr 1 triplex 1, yr 2 triplex 2, yr 3 triplex 3) and claim them as PPOR's to minimize capital gains?
4)in regards to capital gains tax which i may have to pay, the house came with three titles do i divide base cost 200k/ 3 to account for CGT?
sorry i should have dipped my toe in before jumping in, but the water looks nice.
any advice/tips would be very welcome.
thanking everyone in advance.