Hi all,
just a bit confused about the whole CGT. In 2002 I purchased my first and only home. I did move into for a couple of years when i first bought the place and have rented out for short periods over the years, then moved back in, then had no one living in there for approx a year due to self renovations, then moved back in for approx 10 months, now rented out again. "NOW, I am going to build a small unit at the back of the existing home and then move in it and keep it. When I eventually move in, i will then sub-divide the land and sell the first propery. My question is, "will i be exempt from CGT?, or can i do it another way?
What I really want to do is, by selling my main place of residency, this will pay off my mortgage including the cost of building the unit at the back.thanks
Mario
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