Browse Forums Building A New House Re: Adelaide - Info/help needed for my sub-division process 2Feb 04, 2011 4:18 pm Where you are coming from is where you are going to... Re: Adelaide - Info/help needed for my sub-division process 3Feb 04, 2011 4:44 pm Where you are coming from is where you are going to... Re: Adelaide - Info/help needed for my sub-division process 4Feb 04, 2011 4:49 pm Timeline Aug 08-Land Mar 09-Demo/Titles Sept 10-Handover No1 Sept 11-Handover No2 April 12-Sold No2 Aug 14-Land/Demo Jan 15-Slabs viewtopic.php?f=31&t=25736 Re: Adelaide - Info/help needed for my sub-division process 6Feb 04, 2011 5:11 pm Where you are coming from is where you are going to... Re: Adelaide - Info/help needed for my sub-division process 8Feb 04, 2011 5:30 pm Timeline Aug 08-Land Mar 09-Demo/Titles Sept 10-Handover No1 Sept 11-Handover No2 April 12-Sold No2 Aug 14-Land/Demo Jan 15-Slabs viewtopic.php?f=31&t=25736 Re: Adelaide - Info/help needed for my sub-division process 10Feb 05, 2011 9:27 am Where you are coming from is where you are going to... Re: Adelaide - Info/help needed for my sub-division process 12Feb 05, 2011 10:19 am Where you are coming from is where you are going to... Re: Adelaide - Info/help needed for my sub-division process 13Feb 05, 2011 10:29 am My CGT was the normal profit/outlay for subdivision then divied by 2 as 1 lot was residential no CGT.AS we are going to build on lot 2 we will only pay on lot 3 Re: Adelaide - Info/help needed for my sub-division process 14Feb 05, 2011 11:11 am Not sure I understand... So how much did you have to pay?CGT Was it you guys that actually did the subdivision? Where you are coming from is where you are going to... Re: Adelaide - Info/help needed for my sub-division process 15Feb 05, 2011 11:31 am yes because we did sub then held vacant land for 12 months is got 50% reduction. lot value $300.000 minus what land was brought for 22years ago and expences so tax on 150 less cost. Re: Adelaide - Info/help needed for my sub-division process 16Feb 05, 2011 12:13 pm It is a bit different to this one... ie a non-PPR, an investment property... Like i said no accountant, no lawyer ,, just that I have come across this myself. Once or twice Where you are coming from is where you are going to... Re: Adelaide - Info/help needed for my sub-division process 17Feb 05, 2011 12:24 pm Please please please, get your parents and yourself some tax advice. If you only pay say 10k for a block worth 300k, then the ato can apply market substitution rules, where they deem the selling price at market value not the contract value. This will cause massive headaches for your parents. State revenue may also not be extremely happy. As I said please talk to a accountant who you engage to help you with this, we see this all to frequently and it just is a mess. *this is not tax advice* ---- Building in Banksia Grove We have keys - 31st March 2011 Re: Adelaide - Info/help needed for my sub-division process 18Feb 05, 2011 12:42 pm ^^ correct Where you are coming from is where you are going to... Re: Adelaide - Info/help needed for my sub-division process 19Feb 05, 2011 12:45 pm sidewinder Please please please, get your parents and yourself some tax advice. If you only pay say 10k for a block worth 300k, then the ato can apply market substitution rules, where they deem the selling price at market value not the contract value. This will cause massive headaches for your parents. State revenue may also not be extremely happy. As I said please talk to a accountant who you engage to help you with this, we see this all to frequently and it just is a mess. *this is not tax advice* Thanks heaps for that advice. I had no idea... A 300m2 vacant lot in the area usually goes for something around 200 - 230k. Our agreed price will be somewhere in the vicinity of 150k and above. Say we agree on a price of 175k. In your opinion/experience, do the ato step into these matters quite often? I can understand if the agreed price was very low, like 10k or 50k, even 100k. I assume, however, as the agreed price rises and gets 'relatively close' to typical market values the ato will most likely not get involved...? Is this how it generally works? Thanks again Re: Adelaide - Info/help needed for my sub-division process 20Feb 05, 2011 1:11 pm http://www.revenuesa.sa.gov.au/IamaPropertyBuyer.html Start here and follow the links... you need to be fully informed about the process. Trust me It can get expensive for the seller & the buyer. If you think you can avoid paying what WE all have to pay then you are not getting the story correct. Unfortunately too many people took huge advantage of this prior to ~'84 the belt has been tightened and dept' are all linked these days.... A simple trigger sign(red flag) will pop up with SA revenue, ATO etc and I figure you will be working and living there for a while.... They will catch up if you do anything funny and WILL want to collect. Get some good advise as mention before...I was alerting you to a set of info in the previous posts... Again Not an Accountant, Not a lawyer do you self a favour and make some appointments with the ATO & SA revenue to find your financial obligations. Where you are coming from is where you are going to... Building Standards; Getting It Right! 1. optional, you can but normally just use the earth from the main switch board 2. should be enough but the distance determines voltage drop - sparky should work it… 1 29667 I apologise for any confusion, but your understanding is correct. We approached our situation differently based on advice from… 11 54988 Thanks very much! And would the landscaper/contractor generally involve the engineer or is that something the client would do? Thanks for your help 2 10716 |