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Keeping buyers 0.25% deposit

Discussion in 'Accounting & Tax' started by twobobsworth, 30th Sep, 2016.

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  1. twobobsworth

    twobobsworth Well-Known Member

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    I have a property for sale that the buyer is pulling out of within cooling off as they are unable to get finance. This means they will forfeit 0.25%.

    How do I declare this for tax purposes?
     
  2. Scott No Mates

    Scott No Mates Well-Known Member

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    Leave it to the accountant
     
  3. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

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    You may also have associated costs which offset it eg legals.