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Once all sold off etc will update and put costs build costs sales and profit % etc Cheers

yeah ace we are applying the margin scheme on the project so should be able to save 70k on gst I think to apply the margin scheme you must be registered for gst and on the front page of contract tick the yes box to apply the margin scheme the accountant has advised there are a few bits and...

hi guys unit 1 has been sold 1,150,000 now we are waiting to get tax advice on Monday will call the accountant to see if we can spread the 2 units over 2 financial years to minimise tax has anyone had this scenario before

yeah we were a bit rushed as we were working away in western Australia so learnt from that just little thinks could have bought the flooring etc ourselves and got a better quality cheaper should have done a bit mor due diligence on the builder the builder we chose we will never ever go with...

thanks paul I will contact you thanks peeps for the help ta

Using the margin scheme when you sell property If you sell property as part of your business and you are registered for GST, you may be able to use the margin scheme to work out how much GST you must pay. Whether you can use the margin scheme depends on how and when you first purchased...

just waiting to hear back from her in the mean time I was trying to source my own info to cross reference with you guys on the forum

we havnt had contracts drawn up yet as im waiting on clarification on this first but we go to auction in about 3 weeks so Im trying to sort out whether I can apply it or not ta

thanks paul I have paid my current accountant money for this information and a projected tax and gst costs etc but she seems to think that I cant apply the margin scheme but I was under the impression that we bought house off lady no margin scheme applied to us then we knocked down...

sorry to hijack old thread but my scenario is bought site of lady she didn't apply the margin scheme to me for sale of land 2013 I build duplex on site 2015 sell both units at sale contract can I apply the margin scheme to the purchasers of the my new units thanks indvance

thanks alex and little as long as your numbers stack up and works that's the main thing

few pics of the finished product guys 1st open today went well 14 couples through with rain and short notice of advertisement no sign out the front/ not in the local paper etc 2 more opens then auction night

I wanted to keep and rent both out but then sydney market steamed right up so i thought bought at the bottom Developed then sell at the top cant beat that Then try and roll profits back into next project

Im just waiting on the accountant But will be applying the margin scheme Claimed all gst credits along the way then About 80k each unit gst i think will be payable upon sales

Didnt really think to much about extending walls Fences were already there and neighbours gardens

We are hoping 1.2m each i think that will be the maximum I would be over the moon at 1.25m There isnt much on the market at the moment in the area So fingers crossed Our first open house is this weekend but forecast rain so hopefully people still show up

Hey guys yeah it come up real neat We are selling now because we are going to try and put profits back into another project buy new car etc etc Plus sydney market is boiling Yep 1.5m total And yes the market moved pretty hard as we were building We are auctioning 1 in 4 weeks...

Ill post some better pics tomorrow of front

nearly there Landscape should be finished monday if turf arrives Then first open house next week

cheers mate they just finished hopefully it came up alright