Hi guys, I think I know the answer to this but...
I have some office space I want to build 2 apartments in.
If I do this, I will have to change the use from commercial to residential.
And along with that comes a tax bill right? 15% of the value I think.
So if it was worth circa $400k, then I owe the IRD circa $60k...
And this is right at the start of the project... so circa $30k added onto the cost of each apartment!
Is this correct?
I have some office space I want to build 2 apartments in.
If I do this, I will have to change the use from commercial to residential.
And along with that comes a tax bill right? 15% of the value I think.
So if it was worth circa $400k, then I owe the IRD circa $60k...
And this is right at the start of the project... so circa $30k added onto the cost of each apartment!
Is this correct?
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