All Topics / Legal & Accounting / need clarity about CGT

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  • Profile photo of mel_d01mel_d01
    Member
    @mel_d01
    Join Date: 2008
    Post Count: 26
    April 14, 2008 - 2:41 pm

    Me and my partner are planning to buy our first home (owner occupier). We are looking to buy a house, that we can subdivide the land. It will probably take us 2 years, to 1. Renovate the existing house at the front of the block and 2. Build new home at the rear. Mean while living in the front house. What happens when we decide to sell both? we pay CGT on just the new build? because the front house is our main residence?
    Is this right?

    Any advice would be good, yes I will def discuss in further with our accountant when it gets closer to the end of the year. but just doing rough sums as to weather the risk is worth the return.

    Thanks

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    April 15, 2008 - 11:47 pm

    Think you may be able to claim one as your main resident. have a look at the booklets at 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

Viewing 2 posts - 1 through 2 (of 2 total)

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