Are The Block winnings taxable?

Discussion in 'Accounting & Tax' started by Beelzebub, 13th Nov, 2016.

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  1. D.T.

    D.T. Specialist Property Manager Business Member

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    They say its tax free on their website so sue them if you get in trouble. I assume needs to be sold immediately to qualify?
     
    D.T., 16th Nov, 2016
    #21
  2. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    No. A CGT event occurs and the costbase would be the market value on the date it was acquired. Its a easy argument to raise that the net market value of a asset sold so soon after acquisition is the same as its sale proceeds if the sale is a arms length sale. So no profit, no loss. The true test of a valuation is what a buyer actually pays not what a valuer says they may pay. However in othercases a valuation may be required that includes the fittings. The fittings are where a tax problem could emerge.They arent a CGT asset.
     
    Paul@PAS, 17th Nov, 2016
    #22
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