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Answered in 34 minutes by:
11/10/2012
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 52,712
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
VerifiedGood Morning.
It is the 2 hectares on which you were living on as your principal place of residence that is exempt.
The balance is what you CGT on.
The ATO apportions the same price to calculate CGT.
You need to divide both the purchase price + Costs + Samp duty by 4 giving you a price per hectare.
You then need to do the same to the Sale Price + Legal Costs + Agents fees.
You then take the difference and that is your CGT per hectare. Multiply that by 2 and that is your total capital gain.
If you owned it longer than 12 months then you get a 50% reduction.
The balance is added to your income tax return in the financial year it was sold.
If you owned it with another person half is included in yours and the other half in theirs.
You then pay tax based on the total income including the Capital Gain.
I hope this is of assistance. If you have any further questions please do not hesitate to contact me.
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