CGT 50% Discount

[jan]

Hi All
Recently signed up for house and land package as IP. Signed contract for land in May. Land titles now expected August after which settlement will occur then the builder can commence.
As we intend to sell this when the house is completed when does the 50% CGT discount apply? When house is complete, settlement of land or date of contract to buy the land?

Cheers

 

[Burramys]

The last time I looked the 50% CGT discount applies after 12 months, and in the case of property, the dates between the contracts. However, I'm unsure about the building in your circs. If you have such a person, you may be able to get information from your accountant or person that prepares your tax return. If you wait 13 months after the building is finished you should be right for the discount. If in doubt, get a Private Binding Ruling from the ATO.