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Yes, there is, you'll need to check the zoning and schedule inside the zone, it will dramatically vary, best to talk with a town planner with experience in that specific area and council.
Hi Peter im considering subdividing my principal place of residence from 1 title to 2 titles ( selling off my backyard essentially). Do you have to pay capital gains tax when you sell the subdivided block and if so, can I claim the subdivision costs as a capital gains "loss"?
Hi Star! Obviously we aren’t accountants so the first piece of advice would be to talk with your accountant. That said, from our experience if you are making money (a capital gain) then there will be tax implications and of course if that is the case then you’ll be able to claim your costs. Again though, your account is definitely the best person to talk to before making and big decisions.
📌 Unlock Financial Freedom: Free $20,000 Townhouse Masterclass! 🚀
Sign up for the FREE Fish subscription and access our $20,000 Townhouse Masterclass! Learn from industry experts and join a community of like-minded developers.
🔑 What you get:
• Comprehensive modules on townhouse development
• Digital templates & actionable checklists
• Weekly live Q&A sessions
• Members directory access
• Private messaging
• Supportive online community
Start your journey today and secure your future. Click the link below to get started for FREE! ⬇
littlefishnetwork.link/free
Well done and very helpful!
🙏
Hi Peter is there a way of determining minimum lot sizes when subdividing
Yes, there is, you'll need to check the zoning and schedule inside the zone, it will dramatically vary, best to talk with a town planner with experience in that specific area and council.
Hi Peter im considering subdividing my principal place of residence from 1 title to 2 titles ( selling off my backyard essentially). Do you have to pay capital gains tax when you sell the subdivided block and if so, can I claim the subdivision costs as a capital gains "loss"?
Hi Star! Obviously we aren’t accountants so the first piece of advice would be to talk with your accountant.
That said, from our experience if you are making money (a capital gain) then there will be tax implications and of course if that is the case then you’ll be able to claim your costs.
Again though, your account is definitely the best person to talk to before making and big decisions.
@@peterkellyofficial thanks for the reply. Great vids too !
It’s my pleasure Star 🙏
3:09 what is the nsw version
Not sure gg - maybe reach out to a local planner :)
Great information Peter. Is there a Qld equivalent to Vicplan?
Yep, for sure. I think it’s Maps Queensland. But if you Google search you should be able to find the equivalent easy enough :)
@@peterkellyofficial Thanks Peter!
@@airvisualsmedia9471 It's my pleasure 🙏
NSW equivalent of vicplan pls
Hit up Google Jamal - We don't operate in NSW, good luck and all the best 💪
Thanks Pete. Gr8 vid. Do u have the name of that council map info please? is it Vic maps? ty
Thank you 🙏
It’s VicPlan, I link to it in this article on our blog; www.littlefishproperties.com.au/can-i-subdivide-my-property/
thanks
👌