Hi guys,
I have an old knockdown house over two lots that I just purchased and now live in as my PPOR. Sometime soon I would like to either knockdown and sell the vacant land or build two new houses. I'm seeking anyone's comments on the following tax issues:
1. If I remove the house and sell both lots seperately would there be any CGT payable since I was living equally on both lots (the bedrooms are on one lot and the bathrooms on the other!)?
2. If I build two houses and sell straightaway would I be up for CGT on one or both?
3. If I build one house, live in it for a while and then sell would there be CGT payable?
4. If I build both houses, live in each one (say 6 months each) and then sell would there be CGT?
Would appreciate any comments...
I have an old knockdown house over two lots that I just purchased and now live in as my PPOR. Sometime soon I would like to either knockdown and sell the vacant land or build two new houses. I'm seeking anyone's comments on the following tax issues:
1. If I remove the house and sell both lots seperately would there be any CGT payable since I was living equally on both lots (the bedrooms are on one lot and the bathrooms on the other!)?
2. If I build two houses and sell straightaway would I be up for CGT on one or both?
3. If I build one house, live in it for a while and then sell would there be CGT payable?
4. If I build both houses, live in each one (say 6 months each) and then sell would there be CGT?
Would appreciate any comments...