CGT tax examption

[tester]

I bought the IP land only on dec 2011. Paid stam duty on april 2012. claimed that stamp duty on 2011-2012 tax return as the land is at Canberra. Finally got the land settled on July 2012. Building work started August 2012. Hoping to get the house handed over to me on August 2013 . If I sell it after august 2013 do I get CG tax 50% off. Thx

 

[MRO]

Claimed your stamp duty on tax return - interesting.

Yes on 50% discount unless it is considered trading stock then it would not be CG. Date is based on land purchase date which is the date the offer was accepted.

 

[HotRod]

Claimed your stamp duty on tax return - interesting.

Yes on 50% discount unless it is considered trading stock then it would not be CG. Date is based on land purchase date which is the date the offer was accepted.

Land is leasehold in the ACT so I think they can claim it.

 

[MRO]

Land is leasehold in the ACT so I think they can claim it.

I never knew that, learn something every day.

 

[tester]

Thx guys.
As per ATO leased land stamp duty can be claimed straightway.

As I bought the land 12 months before I will eligible for 50% exemption though the house is just finishing up.

Is there any accountant who can confirm this ??????

Thx

 

[MRO]

i am an accountant - i just dont like to admit it.