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CAPITAL GAINS TAX – HOME ON MORE THAN 5 ACRES

If your home is on more than 5 acres then you may be liable for Capital Gains Tax (CGT) if you sell.

It is common in the Macedon Ranges that a home/ main residence is on more than 5 acres, where this is the case the land area that is in excess of the home and 5 acres may be subject to CGT.

If this is the case then the CGT implications should be considered and where applicable recorded in the sellers Income Tax Return.

For more information regarding CGT on a home that is on more than 5 acres (2 hectares) please visit:

https://www.ato.gov.au/Individuals/Capital-gains-tax/Property-and-capital-gains-tax/Your-main-residence-(home)/Home-on-more-than-2-hectares/

 

The content within these articles was correct at the time of writing. Please contact us for updated information and advice. 

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.

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