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I have looked on the ATO website re: CGT, but cannot find what I am looking for, can anyone else help?
Question:
I have a house on 30 acres. I am subdividing 15 acres into 3 x 5 acre lots and keeping 15 acres with the house.
I was told that if you sell a house that you have owned for less than 12 months, you will pay 100% CGT, but if you have had it longer than 12 months you pay 50%. Does this include land, and how does it work? or
Does anyone know where the rulings are on the ATO website?????
Thanks
Lee.Take a look at this:
http://ato.gov.au/businesses/content.asp?doc=/content/31570.htmliviwell,
thanks, I found it!
Viewing 3 posts - 1 through 3 (of 3 total)
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