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Tax Robin
Tax Robin, Tax Advisor
Category: General
Satisfied Customers: 194
Experience:  15 plus years International Tax Law, Instructor
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can you please help me with my question: Scenario: 4

Customer Question

Hi, can you please help me with my question: Scenario: 4 hectare property purchased in 1/10/2000 for $100,000 plus $2,000 stamp duty. Built a house immediately after purchasing land, paid $180,000 in construction. 1/6/2015 sold the property for $620,000. The real estate agent's commission on the sale was $15,000. 2 hectare yard the house is located valued $420,000 and the remaining 2 hectare paddock at $200,000. As the house and 2 hectare was a main residence it is CGT exempt , however, other 2 hectare paddock attracts CGT . Cannot work out the cost/reduced cost base for that 2 hectare and if I can deduct all cost for the agent's commission? What is CGT gain/loss for that 2 hectare paddock?Please include your workings and the legislation

Submitted: 11 months ago.
Category: Australian Tax