Selling IP & CGT

Discussion in 'Accounting & Tax' started by miscg, 12th Jul, 2019.

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  1. miscg

    miscg Active Member

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    hi Everyone,

    Just wondering if I purchased a property in 2013 for $377,000 and sell it now for $430,000, however I claimed around $10,000 per year in depreciation, do I need to take the depreciation into account when working out my CGT?
     
  2. Terry_w

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

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    yes
     
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  3. wylie

    wylie Moderator Staff Member

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    Are you doing your own tax return?
     
  4. Yasharora

    Yasharora Member

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    miscg likes this.
  5. miscg

    miscg Active Member

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    No, just curious, before I make my decision to sell or not.
     
  6. Mike A

    Mike A Well-Known Member

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    Yes you do. Capital works deductions as well
     
  7. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    The calculator doesnt address many things that a tax professional may consider
    1. Dates
    2. s118-192 issues
    3. MRE absence
    4. MRE period and %
    5. Spouse issues
    6. 3rd element CGT costs (if eligible)
    7. Date the property was first rented and capital allowances claimed
    8. Periods of non-residency
    9. Errors in 3rd element costs if s118-192 is used and these were incurred prior to that date
     

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