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MaryM24(Newbie)Newbie
25 Apr 2024

Our 7 acre property had to be sold due to a separation in 2022. The land was purchased in 1995 and the house built. No income was generated from the property over that time. Unfortunately we assumed that as it was the family home it would not attract CGT. We were not aware at the time of sale that any land over 5 acres would attract CGT. The other 2 acres of the land were marginal with dams and erosion etc. My questions are how do we accurately assess the value of the 2 acres now that we no longer own the property and are unable to get it valued professionally . Also , the property was in both names and a 50:50 split occurred on sale so how will the CGT will calculated and divided? Many thanks.

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1,311 views
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AnitaATO(Community Support)Community Support
1 May 2024

Hi @MaryM24,


That's a bit tricky!!


You're going to need to apportion the percent of the 2 acres from the overall value of the property when you sold it.


The capital gains will be split evenly between you both as you had 50:50 ownership when you sold the property.


You can use the CGT calculator that's available on our website to help you work out the capital gains tax you'll be liable for.


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Most helpful reply

AnitaATO(Community Support)Community Support
1 May 2024

Hi @MaryM24,


That's a bit tricky!!


You're going to need to apportion the percent of the 2 acres from the overall value of the property when you sold it.


The capital gains will be split evenly between you both as you had 50:50 ownership when you sold the property.


You can use the CGT calculator that's available on our website to help you work out the capital gains tax you'll be liable for.


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Assessing CGT on property over 5 acres post sale. | ATO Community