[JohnParticipant@john71Join Date: 2015Post Count: 7]

October 1, 2015 - 8:01 pm

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 his theory to the higher ranked bloke, only to get “put in his place”, were his words.

In short… No Dice!!

[JohnParticipant@john71Join Date: 2015Post Count: 7]

September 30, 2015 - 11:07 pm

100% discount is better. ;)

[JohnParticipant@john71Join Date: 2015Post Count: 7]

September 30, 2015 - 12:57 am

Damn it! Cant catch a break.

[JohnParticipant@john71Join Date: 2015Post Count: 7]

September 29, 2015 - 10:42 pm

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.

[JohnParticipant@john71Join Date: 2015Post Count: 7]

September 29, 2015 - 9:56 am

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 essentially defeat the purpose.

If figure, the buyer may want to build their ideal home on it, with tennis court,pool etc.it could also be used for a commercial purpose.
I don’t want to limit its use, hence reducing the potential value.

Thanks again.
John

[JohnParticipant@john71Join Date: 2015Post Count: 7]

September 28, 2015 - 9:55 pm

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…