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CG tax

Discussion in 'Accounting & Tax' started by Dylan33, 28th Sep, 2016.

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  1. Dylan33

    Dylan33 Well-Known Member

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    Im trying to work out what I'll be up for if I sell an IP. I'm deducting buying costs. Can I take holding costs while renovating in to account as a deduction?
     
  2. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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  3. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

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    Cost base varies for each instance. Checklist attached...
    However some matters can also impact:

    - Exempt periods
    - Partially exempt periods (important if you had a partner at any time during period)
    - Cost base adjustments for QS deductions claimed in some instances
    - Expenses for which no deduction was claimed eg initial repairs, holding costs during reno etc
    - Were you ever a non-resident for tax purposes ?

    CGT can also be influenced by how the CGT events arise. eg compulsory acquisitions, destruction etc

    There are thick tax books on CGT. Its quite complex.
     

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