As mentioned in our previous blog (Four year construction rule when you buy vacant land or renovate), the main resident exemption is the concept whereby your home (otherwise known as your main residence) is exempt from capital gains tax (CGT). Under the four year construction rule, you can choose to treat your new house as […]
Generally, if a house is classified as your main residence (meaning it is your home), then it is exempt from capital gains tax (CGT). This concept is referred to as the main residence exemption. If you buy a vacant lot that you plan to build your new house on, or if you buy an existing […]
If you subdivide your main residence and sell the newly created block, any profit from the sale of the vacant land is treated as a capital gain, and therefore subject to capital gains tax. The main residence exemption does not apply to vacant land that is sold separately to the dwelling (your family home). There is […]
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