All Topics / Legal & Accounting / CGT even if selling existing IP to buy new IP

Viewing 4 posts - 1 through 4 (of 4 total)
  • Profile photo of EzEz
    Member
    @ez
    Join Date: 2010
    Post Count: 26
    May 29, 2010 - 2:43 am

    Hi,
    I have a question about CGT. If I was to sell a current IP, to purchase another IP in the same financial year would I be hit with CGT on the selling of the first IP? Thanks

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    May 29, 2010 - 6:21 am

    Yes.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Dan42Dan42
    Member
    @dan42
    Join Date: 2008
    Post Count: 619
    June 1, 2010 - 12:54 am

    As Terry has said, the short answer is Yes.

    The long answer is YYYEEEEEESSSSSSSSSS

    Profile photo of djjkdjjk
    Participant
    @djjk
    Join Date: 2010
    Post Count: 87
    June 1, 2010 - 7:37 am

    I dont need to repeat the short answer given above! 

    I think in the US you would qualify for 1031 exchange, which provides an exemption for the situation you mention – only if a US resident for tax though.  Australia is less generous. 

Viewing 4 posts - 1 through 4 (of 4 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.