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?
Tax Tip 76: Calculating the Cost Base for CGT purposes https://propertychat.com.au/communi...culating-the-cost-base-for-cgt-purposes.5390/
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.
