We all know you do not pay tax when you sell your main residence, but tax treatment is much more complex if you subdivide and sell one or both of the subdivided lots.
There are the most common scenarios of subdividing your main residence:
1. Continue to live in the main residence and sell the second block
You continue living in your main residence and sell the other block of land. You do not pay CGT on the block on which your main residence is situat[...]
If you sell your home, you are entitled to a Capital Gains Tax (CGT ) exemption known as the main residence exemption. There are some restrictions […][…]