In the last post I introduced my planned triplex development, I skipped over something, why specifically a triplex development?
This comes down to zoning, zoning is one part of the general council’s land use Planning Scheme, in simple terms, zoning determines the minimum land size a dwelling must reside on.
My land is zoned R20/R40, depending on what specific additional requirements are met for each.
Lets use R40, as this allows for more dwellings, to calculate the minimum land size;
1hector /40 = 10000m2/40 = 250m2
Therefore, each dwelling needs to sit on a minimum 250m2 of land.
My land is 911m2, so to determine the number of dwellings;
911/250 = 3.644 dwellings
hence a triplex development.
A few years ago together with the misses, we bought an old house sitting on a decent parcel of land, enough to build three houses when the time came. You can further read about the purchase on our joint blog sonyaandtravis.com, “Buying a house and making a home”.
Well the time has now come to start developing, as a first time developer and builder, there will be a lot of learning and experiences which I will document and share, and hopefully it will be useful for others in the same situation.
Some information on the land;
- 3×1 double brick house
- Land area 911 metres squared
- Approximately 18 x 50.3 metres
- Zoned R20/R40
- Purchased for $500k
A quick post of how to calculate the Stamp Duty of a property with Excel, in my example I am using the Western Australia Residential Rate Dutiable value.
Cutoff [$] Rate [%] Duty [$] Formula
0 1.9 0 0
120000 2.85 2280 =C3+(A4-A3)*B3/100
150000 3.8 3135 =C4+(A5-A4)*B4/100
360000 4.75 11115 =C5+(A6-A5)*B5/100
725000 5.15 28452.5 =C6+(A7-A6)*B6/100
Property Value 500000
Duty 17765 =VLOOKUP(C9,A:C,3,TRUE) + (C9-VLOOKUP(C9,A:C,1,TRUE))*VLOOKUP(C9,A:C,2,TRUE)/100
Download the Excel WorkBook.
Update, next day
This also works for Individual income tax rates;
Cutoff [$] Rate [%] Tax [$] Formula
0 0 0 0
6000 15 0 =C3+(A4-A3)*B3/100
37000 30 4650 =C4+(A5-A4)*B4/100
80000 37 17550 =C5+(A6-A5)*B5/100
180000 45 54550 =C6+(A7-A6)*B6/100
Tax 24950 =VLOOKUP(C9,A:C,3,TRUE) + (C9-VLOOKUP(C9,A:C,1,TRUE))*VLOOKUP(C9,A:C,2,TRUE)/100