Browse Forums Home Finance Re: CGT on land division 2Feb 19, 2021 1:23 pm Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: CGT on land division 3Feb 19, 2021 1:34 pm ![]() This is only a question for your accountant, sorry! If I am following, you've moved out of your PPOR for 6 years - the 6 year rule - and now you're going to sell that place? If you're moving into the block it becomes your PPOR and if you aren't selling it then no CGT on it right now - I think, confirm with your accountant!! And on the other, it depends on base cost, purchase costs, sale costs and value when you moved out - so many variables. This is why I don't understand. I understand what you're saying about the current house, but what I don't understand is how they split the value up on the land if I choose to sell which WILL be subject to CGT. How do they determine the value of a split property that isn't 50%. Re: CGT on land division 4Mar 02, 2021 9:54 am ![]() ![]() This is only a question for your accountant, sorry! If I am following, you've moved out of your PPOR for 6 years - the 6 year rule - and now you're going to sell that place? If you're moving into the block it becomes your PPOR and if you aren't selling it then no CGT on it right now - I think, confirm with your accountant!! And on the other, it depends on base cost, purchase costs, sale costs and value when you moved out - so many variables. This is why I don't understand. I understand what you're saying about the current house, but what I don't understand is how they split the value up on the land if I choose to sell which WILL be subject to CGT. How do they determine the value of a split property that isn't 50%. Below is from the ATO website with examples. I think there needs to be valuations conducted to work out land values, etc. However Bec is right, talk to an accountant beforehand as this is a complex area and you need to know what your options are. https://www.ato.gov.au/general/capital-gains-tax/your-home-and-other-real-estate/subdividing-and-amalgamating-land/ Hi everyone First time posting on the group, and seeking guidance on your experience with the Monash or nearby councils on time taken for sub-division approvals. Thanks… 0 14058 Hi All, We have recently purchased a sloping block (3.5m fall building envelope, 6m overall). Just wondering if you know of any good builders that you would recommend for… 0 13489 I don't think you're getting a response because you are not quite clear on what the issue is. yep, the site is not level, no site is! but are you just building a garage?… 1 10380 ![]() |