Hi all…just a quick question I thought smoeone on this site may be able to help me with!
I bought a block of land 3 yrs ago, as an investment…but now want to build my PPOR on the
block, and maybe sell for a profit?
My problem is…Im not sure if I would be exempt from CGT, given it was an investment block.
I sold my PPOR 14 months ago, and have been renting since.
This seems to be a grey area, and I couldnt find the info I wanted at the ATO Website?Im sure someone has been in this situation before, and might be able to help me???
Your worldly advice greatly appreciated!!!
Cheers…
Hi Jim
Not quite sure but I think the tax definition comes down to what were your intentions. In this situation and if you did build your PPOR (which is obviously CGT exempt) then when you come to sell it the capital gain would be split between investing intentions and PPOR intentions.
I am sure that a 2 minute call to your accountant would give you a clear answer on it.
Don
Hello Jim
Assuming you haven't rented out your block of land and therefore haven't deducted any of the expenses off your tax why is it an investment block.Certainly while you owned a PPOR you could not treat your block of land as such but as from 14 months ago it seems like a different story based on the information on the ATO site.
However, as Don suggested, you accountant is the best place to ask.
Cheers
Elka
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