Hi all, Can I please get some preliminary advice? Situation I am in: Bought a property with DA approved for duplex 12 months ago. Been living in there since I bought it and I am looking to build the duplex now. Looking to sell one and live in one (for a start) Question For the one I am selling, can I claim full CGT exemption (as primary residence as I stayed in the property before development) at sale? I am planning to claim GST margin scheme for the one I am selling. Keen to get any comments on this. For the one I am going to live in, I understand I cannot claim any GST and obviously no CGT as I am not selling. Can I still claim full CGT as primary residence? Is there restriction, e.g. I cannot sell within 5 years? Thanks!
Generally PPOR exempt from CGT and GST. Once you demolish the existing residence there is no PPOR to reside in! Get good tax advice. Sale of duplex possibly on revenue account as a profit from an isolated transaction.
