Capital Gains Tax Question

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From: Mr S


Hi all,

Wondering if anyone can help me with this question.

My wife and I have a block of land that is for sale.

It was purchased with the intention that it would be our primary residence.

We even had house plans drawn up and approved by council stating "Proposed New Residence for us"

Question: Are we still liable for CCT now that we are selling or are we off the hook?

Cheers - Martin

 

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Reply: 1
From: Giovanni T


I have another question relating to CGT..
My wife and I bought land 18 months ago. We have since built a house on it which we have been in for 6 months. We are looking to sell this property so we can invest more.

Does anyone know if we are liable to pay CGT or are we "off the hook" as well.

Regards
Giovanni

 

[DaleGG]

Reply: 1.1
From: Dale Gatherum-Goss


Hi

From the information that you provided, I expect that you will not pay tax at all on this sale as you can claim the property as your principal residence.

I hope that this helps

Dale