Australia Law
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Answered in 1 hour by:
12/27/2011
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 52,712
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
VerifiedGood Afternoon
Principal place of residence it where you live.
There is a variance for tax purposes. The ATO sets the area for CGT purposes only.
If you sell the property you will pay CGT on the value of the property that is in excess of the 5 acres set by the ATO.
True you cannot sell it off because it is on one title but the ATO sets these rules. If you have purchased it before the 20 September 1985 there is no CGT and the definition does not apply.
I hope this is of assistance and if so please click on the accept button.
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 52,712
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
VerifiedLeon and 87 other Australia Law Specialists are ready to help you
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