Land intended as your principal residence
What is this concession?
If you have purchased unoccupied land where you intend to build your principal place of residence (your home) you may be able to claim an exemption, provided you do not own another property which is currently your exempt principal place of residence.
For vacant land
The concession applies for two years immediately following the year in which you acquire the land,
For land that has been occupied for residential purposes by a person other than the owner
The exemption will apply for two tax years starting from the time
a) after the occupation ceases, and
b) building works in connection with your intention to occupy the land physically commence.
Eligibility
To be eligible for this concession
you must not own another principal place of residence worldwide
The concession applies for two years from:
when you acquired the land (vacant land), or
when the land became unoccupied and you commenced building works for your future principal place of residence (where the land was occupied).
Note: this two-year period may be extended where there is a delay in completion due primarily to reasons beyond your control.
building must have physically commenced on the land, and you must not have gained any income from the use and occupation of the land since the commencement
on completion you must physically occupy the property for a continuous period of at least six months. If you do not meet this residency requirement, the exemption for all years will be revoked.
The land is not exempt if
under local planning laws, it is possible to build more than two residences or residential units on the land
you own two or more adjoining lots of land and it is possible to build more than two residences on those lots
The owner is a joint owner of land in another state and uses that interstate land as his or a member of his family's principal place of residence.
