so I have to see a Accountant soon for my 2015-2016 year and the IP I bought and sold Now can a Accountant tell me how u can work this out.and which year this will be , yeah I know this is complicated but let me try to ask and give info Does the tax year go on your date of contract or date of settlement? For eg Date of Contract 11 Aug 2015 Date of settlement 22 September 2015 Date of Contract SALE 21 June 2016 Date of settlement --2 August 2016 So which financial year is it that I pay the CGT I wonder ?? I only want to get my 3015-2016 taxation done ! So if it's 21 June it will be ok but because how is the Accountant going to work it out if it's 2 August because it will mean 2 tax years and it will be difficult
Selling an asset and other 'CGT events' "In the case of real estate, for example, the CGT event generally occurs when you enter into the contract – that is, the date on the contract, not when you settle." On an unrelated matter should you have already completed your tax return for 2015-16 by 31 October 2016 unless using a tax agent. Taxpayers with overdue tax returns
It is typically the date of contract. The accountant will be able to do it. They just look at the two contracts and settlement statements. She or he will also need to look at your prior year tax returns to double check what was claimed previously and if that has an effect. And get your tax returns done quickly. One day they will become important for lending and you wil be looking silly. It is just a hygiene issue.
