subdivision capital gain tax

I have just done ours by guesstimation. I gave slightly less than 50% to the larger part of the subdivided block, as the smaller part had a house on it and the larger part is completely empty (one side is 1m wider than the other so it is a small difference). The vacant land part of the purchase price also has to be non-deductable if we rent out the house part.

The valuation was so much higher than our purchase price that it was kind of useless for capital gains purposes. I don't think we're going to have too many issues with the ATO for guesstimating the split.
 
Top