Is CGT payable as the plot was bought with the intention to build a house?

By Marc Sevitz · Updated 10 February 2014

I bought a plot 20 years ago with the intention to build a house. Due to financial constraints I did not build nor purchase any other property. I have now sold the plot and purchased a house in much cheaper area

Am I liable for CGT on the sale of the plot?

TaxTim Marc said:
10 February 2014 at 21:36

Yes, this is a capital asset and CGT is payable on the difference between the selling price and it's value on 1 October 2001.

Robert said:
11 February 2014 at 8:40

Can expenses like rates, landscaping be offset against the CGT

TaxTim Marc said:
12 February 2014 at 10:06

Unfortunately not, those are normal expenses which you can offset against any income you earn should you rent out the house for income earning rental.