I have a relative who recently purchased a PPOR on 150+ acres. It is not income producing. It has a house and shed-house close to each other and I think one more farm type shed.
Is there anything she and her partner can claim as deductions related to the 'farm' against their normal PAYG? They are not in an area eligible for a zonal offset. I'm assuming no.
Second question. If I have it correct only 2 hectares is eligible for the PPOR CGT exemption. Should they get a valuation now that splits it into the 2 hectares and the rest for future CGT calculations? Would a portion of the interest paid on their mortgage relating to the non exempt land adjust the cost base in a future CGT event?
Hope these questions are clear.
Is there anything she and her partner can claim as deductions related to the 'farm' against their normal PAYG? They are not in an area eligible for a zonal offset. I'm assuming no.
Second question. If I have it correct only 2 hectares is eligible for the PPOR CGT exemption. Should they get a valuation now that splits it into the 2 hectares and the rest for future CGT calculations? Would a portion of the interest paid on their mortgage relating to the non exempt land adjust the cost base in a future CGT event?
Hope these questions are clear.