CGT

Discussion in 'Accounting & Tax' started by boganfromlogan, 10th Mar, 2021.

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  1. boganfromlogan

    boganfromlogan Well-Known Member

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    scenario: sellin PPOR which i built in 2015. Had the land since 2002.

    The attraction is the recent improvement in property prices.

    So if i sell, do i have any tax to pay in consideration of owning the land many years earlier?

    And how would they calculate it if i do. Land value increase 2002 - 2014?
     
    boganfromlogan, 10th Mar, 2021
    #1
  2. Terry_w

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

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    not fully exempt from CGT.
     
    Terry_w, 10th Mar, 2021
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  3. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Its not possible to determine the tax consequences and its something for personal tax advice. The main residence construction rule only allows a max of 4 years prior to construction to backdate and that has some "maybes". There are also potential issues to explore concerning where you lived and CGT choices and that of a spouse / partner as well.

    There will be two CGT assets to consider
    1. The land
    2. The whole property excepting the land.
     
    Paul@PAS, 10th Mar, 2021
    #3
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