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Not entirely correct. s 118-150 ITAA97 and s118-145
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You are developing to make a profit. Second one couldn't be CGT free under normal situation either as you are not living in it from the beginning.
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I know no law which states that.:)
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There are no laws which prevent a person living in their own homes.
But if you sell tax and GST would probably be payable - possibly on both.
