Hello,
Just looking for some information regarding compulsory land acquisitions...
My folks have forcibly had to sell a small easement/parcel of a rural property over in Victoria back to the local government body (I believe) Coliban Water.
What we are trying to find out is if they will have to pay tax/declare on the compensation that they have received for this parcel of land?
They have already called the ATO who were unsure.
Cheers,
Jamie
Just looking for some information regarding compulsory land acquisitions...
My folks have forcibly had to sell a small easement/parcel of a rural property over in Victoria back to the local government body (I believe) Coliban Water.
What we are trying to find out is if they will have to pay tax/declare on the compensation that they have received for this parcel of land?
They have already called the ATO who were unsure.
Cheers,
Jamie