Called the ATO today…
Spoke to a fellow who initially gave me some hope. He thought that I may be exempted because I had not bought a home in the meantime, and particularly because I am considering purchasing another vacant block to replace it.
He put me on hold to check some scripts and to speak to his superior. Apparently he tried to sell…[Read more]
Hmm,no benefit there for me… However, I wonder if I can defer the CGT event and buy another piece of land (rolling over?) and build my primary residence on it, effectively avoiding the CGT altogether.
Thanks for your input, Dean.
The land is only 4.5 acres.
I believe that of I were to put a dwelling on it, that it would be exempted. However, I don’t want to go through the whole building process, in the hope that I can recoupe the building costs, as well as the value of the land.it may well end up a waste of alot of time and money and…[Read more]
I know that CGT is applicable on vacant land when sold but is there any way that I can minimise it?
I have never owned a home before but I have owned the land for 13 years. I wish to sell it and purchase my first home.
Any other ideas to minimise or even eliminate CGT via smart accounting or any legal means?
I don’t feel that its fair…[Read more]