Thanks for the advice. I think you are right – my accountant says that we may create a new asset on the land we bought – this has to be held for 12 months for the CGT exemption (ie. No longer a new asset then).

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Touchy area – section 115-25 states that a CGT discount is not available where a new CGT asset has been created.

However, I don’t think they mean to include a new house as that type of asset, they mean contract assets, such a leases/stock that are created on realisation of the underlying issue… to technical to explain here..

Just check with your account…

Pete

…Beware of the dreamtakers…

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