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CGT discounts on selling

Discussion in 'The Buying & Selling Process' started by wayne, 1st Oct, 2016.

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  1. wayne

    wayne Active Member

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    4th Jun, 2016
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    Hi, When selling a property in relation to CGT. I understand (as indicated by the ATO CGT calculator spreedsheet) that costs involved in maintaining and holding a property will be added to the base property value. The ATO state loan interest, rates, land tax and repairs as such items.

    I would expect the above items would be claimed annually, as we do.

    Can they still be used in the CGT calculation.
     
  2. Ed Barton

    Ed Barton Well-Known Member

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    No.
     
    Terry_w likes this.
  3. Scott No Mates

    Scott No Mates Well-Known Member

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    You can only claim the expense once. If there are unclaimed expenses when the property was a ppor or otherwise unclaimed they can be added to the cost base but if you have already claimed these costs as an ip they can't be reused.
     
  4. Marg4000

    Marg4000 Well-Known Member

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    As said, they can only be claimed once.

    But if the property was never income producing and you could not deduct them annually, then these expenses can be claimed in the CGT calculations.
    Marg