Cgt when selling own home with land?

hi
Can anyone tell me if I am up for CGT to sell my home , which only I have lived in on its 12 acres (5ha), lifestyle property never “farming” as such?
Accountant reckons CGT applies in 3 ha pro rata? No land tax ever paid as it doesnt apply

 

Based on that info no one could say, but the main residence exemption only applies to up to 2 hectares so it will be a CGT event without the full exemption. But whether this will result in tax will depend on if the sale proceeds exceeds the costbase

 

Determining which 2ha you sell will be important to reduce cgt. Third element costs will definately assist but if claimed as a primary production cost they may be unavailable

 

Great advice.

I'd get a valuer out there help you value the best 2ha (including the house).

 

And it could be 2 separate areas of the land not adjoining

 

I had a client recently who had a 2.2Ha property. The CGT taxable portion was the rocky thicket and creek. Client needed a valuation at two different dates for that same portion. TD 1999/67