All Topics / Help Needed! / CGT on Subdivisions

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  • Profile photo of therock1therock1
    Participant
    @therock1
    Join Date: 2006
    Post Count: 21
    February 14, 2010 - 12:43 pm

    What CGT will i be up for if i subdivide and sell off the vacant block off the land  but still keep the existing IP on the other block? (QLD)

    Profile photo of christianbchristianb
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    @christianb
    Join Date: 2009
    Post Count: 386
    February 15, 2010 - 12:24 am
    therock1 wrote:

    What CGT will i be up for if i subdivide and sell off the vacant block off the land  but still keep the existing IP on the other block? (QLD)

    I'm not an accountant, however I have done this myself and found it's rarely that simple, but all else equal you should pay CGT on the value of the land at the time of sale. The value of the land should be determined as "fair market value" for land of that size in that area.

    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
    Post Count: 16,213
    February 15, 2010 - 2:16 am

    see the pdf booklets on http://www.bantacs.com.au

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

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