Q. Could a Main Residence Exemption apply to LAND ???

[Ross Sondergeld]

HI...


A young friend has rented and owned a vacant block of land for 2 years.

If the land is sold... is the PPOR Main Residence Exemption appliable ???

He intended to build a home...



- Ross on the Gold Coast

 

[julia]

NO, for the main residence to apply there must be a dwelling on the land when it is sold. The dwelling can be a caravan but he must live there and the van be sold with the land. If he lives there for 3 months he can exempt the vacant land as his main residence for up to 4 years before living there providing he does not use his exemption on any other property.

Julia
www.bantacs.com.au