Hi
Is there any CGT on sale of Farmland?
Or If yes, then are there any CGT discounts available to Individual ?
Or If yes, then are there any CGT discounts available to Family trusts ?
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Hi @JASAVS,
Yep!
CGT will apply if a profit is made when it comes time to sell part or all of the farmland.
We have a few options when it comes to discounts and concessions for individuals and partners in a partnership.
When we look at the tax return instructions where it looks at companies, trusts, and funds, there're 3 methods that can be used to work out a capital gain.
One method is the discount method. To use this one, you'll need to own the farmland for at least 12 months.
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Is it correct to say that the farmland was income producing? (i.e. you ran a business on there) and it was owned by a family trust, not as an individual?
Could you please reply to both cases where it is owned by family trust or Individual.
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