I recently bought a house and occupy it but want to sell up soon. Do I pay GCT if I sell within 1 year. I live in NSW if this is any different.[?]
There’s no CGT if it’s your primary residence. Doesn’t make any difference if you’ve been there < 1 year.
As CGT is a federal tax it doesn’t make any difference which state you’re in.Rod.
Thanks Rod.[
]yep, there are no CGT
I bought a vacant block of land in Kyneton VIC for $90K and sold it 6 months later for $145K still vacant.
Because we sold it under 1 year we paid 30% CGT.(we didnt know about CGT then..)
Does anyone know how much CGT would be after 12months, in that case ?
Regards,
Arty
[]After 12 months you would have got a 50% discount on the CGT.
So you would have paid tax on 0.5*(145K-90K) at your marginal rate.
Rod.
Thank you all…
I was considering buying sub-divideable (“ifs thats a word.”) blocks ~ 10 acres, and dividing them up into 10-20 1/2 to 1 acre blocks for re-sale after 12months. But I cant generate income on a vacant block, it would all be Capital Gains.
Thats something I may still do, when I have IPs that are generating income. At least the sale(s) would help cut the remaining balance of the IPs loans.
Thanks,
Arty
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