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Adjacent land and the 2 hectare rule
Do you know the main residence exemption for your dwelling can apply to an area that is adjacent to your dwelling?
It only extends to up to a maximum of 2 hectares ( or 4.94 acres) if the adjacent land is used mainly for private and domestic purposes in association with the dwelling over the period of ownership. There are planning opportunities when you own more than 2 hectares to maximise the main residence exemption on the sale of your home.
Want more tax tips? Follow us @batescosgraveCA
Do you know the main residence exemption for your dwelling can apply to an area that is adjacent to your dwelling?
It only extends to up to a maximum of 2 hectares ( or 4.94 acres) if the adjacent land is used mainly for private and domestic purposes in association with the dwelling over the period of ownership. There are planning opportunities when you own more than 2 hectares to maximise the main residence exemption on the sale of your home.
Want more tax tips? Follow us @batescosgraveCA
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The material and contents provided on this website and in our print, email or downloadable publications are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained. Liability limited by a scheme approved under Professional Standard Legislation.
The material and contents provided on this website and in our print, email or downloadable publications are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained. Liability limited by a scheme approved under Professional Standard Legislation.
