I purchased a house some years ago which I rented out. My intention was to eventually demolish the house, sub-divide the block and build two courtyard homes.
The house was demolished about 5 years ago but due to other issues the redevelopment has been delayed.
I'm now thinking about sub-dividing the block and selling one lot.
Say the land is currently worth $420k - I pay about $30k for sub-division and have 2 blocks worth around $280k and I sell one.
What are the tax implications in terms of CGT?
The house was demolished about 5 years ago but due to other issues the redevelopment has been delayed.
I'm now thinking about sub-dividing the block and selling one lot.
Say the land is currently worth $420k - I pay about $30k for sub-division and have 2 blocks worth around $280k and I sell one.
What are the tax implications in terms of CGT?