50% Discount on Capital Gain tax query

Hi Property Guru's,
Requesting some information regarding qualification for 50% Discount on Capital Gain tax for holding the property for 12months or over; on a House and Land (H&L) development.

Does the 50% Discount on Capital Gain tax for holding the property for 12months on an House and land development - apply from the initial land contract date OR the later date of House construction contract on the land?

I recently completed a land and house development that i wish to sell now and need to understand the CGT implications.
I signed the Land Contract in Sep 2016 (bought from a developer estate in South east)- the land got titled/settled in June 2018.

Later on I signed contract for constructing a house on the Lot with a volume builder in July 2018 and the house was constructed and handed to me early March 2019.

My query is if i would qualify for 50% Discount on Capital Gain tax for holding the property for 12months or over? Will the 50% Discount on Capital Gain tax for holding the property for 12months be calculated from the date the land contract was signed (i.e. Sep 2016) OR from the later date of signing the contract for building the house on the land (i.e July 2018) please?

I thank you all in advance for all your assistance. Much appreciated!

 

I’m not an accountant so could be completely wrong but from memory it’s the title that triggers the capital gains event, not what you do to the land title after it. Based on that my guess is that it would be based on the land sale however there could be other tax laws applicable to building a house on it within a certain time frame.

@Terry_w ??

- Andrew

 

Land contract date usually.
The dwelling is not a separate asset, usually, as it is attached to the land.

I am not an accountant either, but luckily this is a tax question.

 

Thanks Andrew and Terry. Much appreciated.