Hi all
I have a site in melbourne which i have been trying to get permits for 4 townhouses. It looks like it is going to be a bit of a mission to get this so i am reconsidering my options
Option 1 - sell site as is.
With option 1 rough figures are it cost me
450 purchase price
22 stamps/legals
8 buyers agent fee
20 development costs, plans reports etc
The site has seen growth over last 9months i could sell site for 500-520 which after selling costs i would be approx break even.
My question is can i use all those associated costs to offset my capital gain on the site to basically pay no cap gain tax.
Option 2 is more or less the same question as the first scenario except ill try get permits for a 3 townhouse site. Development costs will prob be an extra 10-15 k and selling price might be an extra 30-50k, i need to speak to some agents about this first.
Cheers
Blair
cap gains tax. can associated deve costs reduce tax.
I have a site in melbourne which i have been trying to get permits for 4 townhouses. It looks like it is going to be a bit of a mission to get this so i am reconsidering my options
Option 1 - sell site as is.
With option 1 rough figures are it cost me
450 purchase price
22 stamps/legals
8 buyers agent fee
20 development costs, plans reports etc
The site has seen growth over last 9months i could sell site for 500-520 which after selling costs i would be approx break even.
My question is can i use all those associated costs to offset my capital gain on the site to basically pay no cap gain tax.
Option 2 is more or less the same question as the first scenario except ill try get permits for a 3 townhouse site. Development costs will prob be an extra 10-15 k and selling price might be an extra 30-50k, i need to speak to some agents about this first.
Cheers
Blair
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