If you're buying residential property, make sure you know what your tax obligations will be when you come to sell the property.
Things you need to know
As a general rule, if you're buying a property with the intention of selling it, you will probably have tax to pay on any profit you make. There are different rules associated with buying a:
It's important that you think carefully about your intentions when you first agree to buy the property, because this will determine your tax situation when you come to sell.
If you're in the property industry (for example you're a builder, developer, a dealer) or associated with someone from within the industry, then you'll be subject to different rules as well. We recommend you get professional advice from a tax advisor.
If you're buying a rental, you also need to know your tax obligations while you're renting out the property.
Date published: 05 Aug 2015