Father passed away without a will

Hi All,

my late father passed away without a will. there is only one vacant land under his and my name. We are tenants in common 90% my father and 10% me.

Our mother has passed away several years earlier and my only brother who also resides in NSW.

We will be doing what I believe is - Letters to Administrator and that process. as my brother does not want a share of the last vacant land under my fathers name for many reasons. there is no dispute and we jointly (brother and I) will be doing this with a solicitor.

I have a quick question as this was fathers only vacant land - with the intention to construct a house for him for which we also had complete CDC approval and also had singed HIA Contract with a builder before my father passed away.

When this vacant land gets transferred to me in due course, if I sell the vacant land within 2 years - will I have to pay CGT?

If I decide to continue and build the already approved house with my funds.
then if I sell that house on the land - will I still be liable for CGT? asking as a family our intention of buying the land and getting house approved was for our father to live there.
before passing away - he was living with me in our family home in same suburb for last few years.

 

Yes, if there was a gain. It wasn't his main residence so you will inherit his cost base for the 90% that he owned, which might be the same as your cost base for your 10%

If held less than 4 years there is a possibility it could be exempt.