I contracted a block of land and it will be available in 6 months time, I intend to build a house on it that will take 6 months then sell it so it would have been 12 months in toto since contract to completion, my question is… as I would have held the land from contract date for a year would the 50% Capital gains tax apply?.
At current market levels profit should be $40K/$60K and no I can’t live in it and not wishing to rent it out.
if it’s a house and land package in one deal that will be completed in 12 months, that should be ok.
but if you purchase to build a ‘property’ in 6 months time then on-sell it after 6 months, you will not have the tax advantage.
regards,
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