Total Members: 158,198

John

  • John replied to the topic CGT on land ( my only property ) in the forum Legal & Accounting 8 years, 6 months ago

    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]

  • John replied to the topic CGT on land ( my only property ) in the forum Legal & Accounting 8 years, 6 months ago

    100% discount is better. ;)

  • John replied to the topic CGT on land ( my only property ) in the forum Legal & Accounting 8 years, 6 months ago

    Damn it! Cant catch a break.

  • John replied to the topic CGT on land ( my only property ) in the forum Legal & Accounting 8 years, 6 months ago

    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.

  • John replied to the topic CGT on land ( my only property ) in the forum Legal & Accounting 8 years, 6 months ago

    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]

  • John replied to the topic CGT on land ( my only property ) in the forum Legal & Accounting 8 years, 6 months ago

    Thanks crj,

    I thought as much… Damn you ATO!!

    I wish they wouldn’t consider it an investment, considering it is the only property I own. Oh well…

  • John started the topic CGT on land ( my only property ) in the forum Legal & Accounting 8 years, 6 months ago

    Hello,

    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]

  • John became a registered member 8 years, 6 months ago

John

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