Hi Gurus,
I’ve purchased a block of land in Nov 2005, subdivided it into two survey-strata blocks and am building one house on each block. I intend to sell them when they are completed which will probably be Apr 2007. Titles will be issued when the houses are completed.
One thing I’m not very certain about is how the CGT will be calculated. Will I qualify for 50% discount for holding the land for more than 12 months, or not because I don’t hold the completed houses for more than 12 months?
I’ve consulted 2 accountants – one said it should qualify for the 50% discount, the other said it won’t. It sounds like the second accountant knows more about property investment than the first from our conversation, but I’m confused.
Helps are much appreciated!
Thanks in advance,
Don
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