We've owned an old investment property (fibro house) for nealy 20 years. This has been rented over the years and I have worked on on weekends (when needed) to maintain it. Recently because of a change in the local Council's LEP, we can now develop a Duplex and get a separate title for each dwelling.
Our plan is to engage with a reputable builder to build the Duplex on this land. And then rent each property out.
Given this can I please get advice on the following:
- Will we be required to pay CGT when we get granted the 2 titles?
- Will we be required to pay GST when we get granted the 2 titles?
- A few years down the track, If we sell each one then:
- Will we need to pay GST on the sale price?
- Will we also then be up for additional CGT on the gains from the new cost base taking the construction costs into account?
Thanks
358 views
358 views3 replies
3 replies
358 views
3 replies