Cost base Date House & Land Package

Discussion in 'The Buying & Selling Process' started by Rygor, 27th Nov, 2016.

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  1. Rygor

    Rygor Member

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    1st Jul, 2015
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    If you purchase a "House and Land" package, is the cost base date (for future sale/ CGT purposes) calculated on the date of settlement of the land or the house completion date? Also your cost base amount would be the cost of land, house and conveyancing fees?
     
    Rygor, 27th Nov, 2016
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Australia wide
    Generally neither.

    Date of the contrac to purchase the land. Cost base may include more than that - interest, rates etc where not otherwise claimed
     
    Terry_w, 27th Nov, 2016
    #2