Exchange Pre 30/6

Discussion in 'Accounting & Tax' started by twobobsworth, 18th Jul, 2017.

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  1. twobobsworth

    twobobsworth Well-Known Member

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    If I sold a property and it exchanged in mid June, am I right that CGT is calculated at this date, however I will still have income and expenses to declare 1/7 till settlement.

    So in otherwords CGT at exchange, income/expense till settlement?
     
    twobobsworth, 18th Jul, 2017
    #1
  2. Gockie

    Gockie Life is good ☺️ Premium Member

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    Sounds right to me (but I'm not an accountant).
     
    Gockie, 19th Jul, 2017
    #2
  3. Mike A

    Mike A Well-Known Member

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    depends.

    capital assets on cgt account its contract date.

    for trading stock its settlement date
     
    Mike A, 19th Jul, 2017
    #3