CGT and land

Discussion in 'Accounting & Tax' started by 29349, 26th Dec, 2020.

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  1. 29349

    29349 Well-Known Member

    Joined:
    3rd Nov, 2020
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    Vic
    scenario:
    If Jason lived in a caravan on land and after a year decided to sell it,
    A. Can he claim main residence CGT exemption on this
    B. If he can, does this mean he will not be able to apply for a first home owners grant on his next land purchase where he wants to build a house.
     
    29349, 26th Dec, 2020
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    1. potentially. it will depend on if the caravan amounts to a 'dwelling' and if it is sold as part of the land. unlikely if it is not attached to the land.
    2. yes
     
    Terry_w, 26th Dec, 2020
    #2