All Topics / Help Needed! / Does CGT exemption for owner occupier if you knock the house down and develop the block?

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  • Profile photo of BrisboyBrisboy
    Participant
    @brisboy
    Join Date: 2010
    Post Count: 18
    August 20, 2011 - 3:56 am

    Hey,

    If I was to purchase a double block. Live in it. Then after a year, knock it down and build two new houses on the block then sell them. Would I still get the cgt excemption on the sale of the two addresses?

    If there is no advantage living in the address then I will probably rent it out til I can develop it.

    Thanks,

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    August 20, 2011 - 5:31 am

    nope. You could only get the exemption on the one you live in.

    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

    Profile photo of BrisboyBrisboy
    Participant
    @brisboy
    Join Date: 2010
    Post Count: 18
    August 20, 2011 - 7:54 am

    Thanks Terryw,

    and I assume you would have to live in the new ones for a full year before being CGT excempt?

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    August 20, 2011 - 7:56 am

    There is no minimum time listed in the legislation.

    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

Viewing 4 posts - 1 through 4 (of 4 total)

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