I had this random thought today.
Say you saw a property with big development potential and purchased it as your PPOR. Are you still exempt from paying CGT if you develop the property and sell it off?
ie: purchased a big acreage as PPOR, subdivided and sold off the individual lots.
Or what about if you purchased a medium/high residential property as your PPOR and got DA for a huge unit complex then sold off to developer.
Are such scenario's exempt from CGT because it is your PPOR?
Say you saw a property with big development potential and purchased it as your PPOR. Are you still exempt from paying CGT if you develop the property and sell it off?
ie: purchased a big acreage as PPOR, subdivided and sold off the individual lots.
Or what about if you purchased a medium/high residential property as your PPOR and got DA for a huge unit complex then sold off to developer.
Are such scenario's exempt from CGT because it is your PPOR?