All Topics / General Property / Capital Gains Tax

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  • Profile photo of Pebbles_2Pebbles_2
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    @pebbles_2
    Join Date: 2003
    Post Count: 37

    I have looked on the ATO website re: CGT, but cannot find what I am looking for, can anyone else help?
    Question:
    I have a house on 30 acres. I am subdividing 15 acres into 3 x 5 acre lots and keeping 15 acres with the house.
    I was told that if you sell a house that you have owned for less than 12 months, you will pay 100% CGT, but if you have had it longer than 12 months you pay 50%. Does this include land, and how does it work? or
    Does anyone know where the rulings are on the ATO website?????
    Thanks
    Lee.

    Profile photo of oO Dreamer OooO Dreamer Oo
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    @oo-dreamer-oo
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    Post Count: 24
    Profile photo of Pebbles_2Pebbles_2
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    @pebbles_2
    Join Date: 2003
    Post Count: 37

    liviwell,
    thanks, I found it!

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