CGT consequences of demolishing your home and selling vacant land

Redeveloping your home by subdividing off a building block or demolishing and rebuilding two or more dwellings is a growing trend. Some recent matters we have been involved in show that the potential tax consequences are often overlooked.

When you sell land that you became the owner of on or after 20 September 1985, you must include any capital gain made on the sale as part of your income.