All Topics / General Property / CGT on spare land

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  • Profile photo of hoarelhoarel
    Participant
    @hoarel
    Join Date: 2003
    Post Count: 39
    May 23, 2004 - 11:17 pm

    Can anyone help with what CGT may be payable on the following scenarios.

    Buy a house on a double block for say 100K, sell off the extra block for 50K. Is there any CG tax payable anywhere.

    Buy 10 acres of land with 2 titles. Sell 1 title to recoup some money. Is there any CG tax payable at any time.

    Thanks in advance for any help.

    Profile photo of melbearmelbear
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    @melbear
    Join Date: 2003
    Post Count: 2,429
    May 25, 2004 - 11:29 am

    Hi hoarel

    I would say that if a profit is made, then the ATO will definitely hit you with a tax.

    Best bet is to talk to your accountant I think…..

    Cheers
    Mel

    Profile photo of AUSPROPAUSPROP
    Participant
    @ausprop
    Join Date: 2003
    Post Count: 953
    May 25, 2004 - 3:53 pm

    not to mention GST – applicable to vacant land


    Extensive list of ‘Off The Plan’ property available for sale in Perth.

    John – 0419 198 856

    Profile photo of vkolajvkolaj
    Member
    @vkolaj
    Join Date: 2004
    Post Count: 4
    May 26, 2004 - 12:22 pm

    CGT is payable in both scenarios.

    GST is payable on the sale of the vacant land only if you are registered for GST.

    Vkolaj

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