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 4Mar 02, 2021 9:54 am le tueur becjarrettdalton 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/ Yeah I don't know why I came to a forum. Place is full of wierdos/pedos thought internet may help but I suppose I'll try my luck with someone in person. Cheers. I tried… 0 6786 Need advice on the backyard plan above. Should I excavate and cut all of the dirt to level with the house slab or semi-excavate as per photo above? Both left and right… 0 25366 13 6889 |