Oct 16 2024 4 mins 1
Understanding Compulsory Acquisitions and Their Tax Implications!
A compulsory acquisition is a process where the government takes ownership of private property for public use, typically for infrastructure projects such as roads, tunnels, or railways.
When a property is compulsorily acquired, it can trigger capital gains tax (CGT) implications for the owner. However, there are provisions that allow property owners to roll over their cost base into a new property if they purchase a similar or higher-value property within two years, potentially avoiding immediate CGT liabilities.
In this sense, you can definitely turn a compulsory acquisition in your favour, just talk to your trusted professional on how to execute this method so you'll have a smooth transitioning process of your investment.
Click on this episode to find out the full details of what a compulsory acquisition really is and how you can potentially turn it around to your advantage.
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