All Topics / Legal & Accounting / Capital Gains tax on subdivided land

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  • Profile photo of mortymorty
    Member
    @morty
    Join Date: 2003
    Post Count: 25
    January 30, 2007 - 2:35 pm

    Hi guys,

    Just wondering what the go is in the following situation?

    I’m sub-dividing my PPOR into 2 lots and selling off the front block.

    Do i pay CGT on this sale?

    Any advise would be much appreciated.
    Cheers
    Morty

    Profile photo of AmandaBSAmandaBS
    Participant
    @amandabs
    Join Date: 2005
    Post Count: 549
    February 1, 2007 - 2:26 pm

    Hi Morty,

    Yes CGT is payable on the net gain from the subdivided land. Not an easy calculation though as the original cost of your PPOR will need to be apportioned based on how much land is sectioned off. Best to talk with your Accountant.

    AmandaBS
    http://www.propertydivas.com.au
    FREE online Property Resources

    “It is better to be inconspicuously wealthy, than to be ostentatiously poor…”

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

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