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Subdividing land - will you have to pay capital gains tax?
Australasian Business Intelligence, May, 2006
May 03, 2006 (REM (Real Estate Magazine) - ABIX via COMTEX) -- The Australian Taxation Office (ATO) has a range of publications available for those needing information on the tax issues relating to land subdivision. Those who subdivide land and then sell or transfer the blocks can find themselves subject to capital gains tax on any gain made. However, this should only apply to land that is acquired on or after 20 September 1985. "Subdividing land", "Subdividing and amalgamating land", and "Guide to capital gains tax" are among the relevant ATO publications in this area and can be accessed from its web site at www.ato.gov.au/individuals.
Publication Date: April 2006
AUSTRALIAN TAXATION OFFICE
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