Hi everyone,
Early June this year i sold a property which i bought the block of land 18 months ago then waited for settlement on the block then built a house on it and sold on completion. I have kept all invoices on additional work on the house along with bank fees, solicitors, stamp duty, interest payments on the loan etc etc.
What i would like to know is where i can find some info and what other stuff you are allowed to claim?
For example i spent a great deal of time and petrol going out choosing inclusions and meeting tradies on site etc to make the house as nice as i could sticking to a budget. I even had to take several days off work to fit appointments in. Can i make a claim for any of this?Is there any other things i can claim that i might not be aware of?
One last thing, does anyone know a good tax person to see in Canberra that will help me get as much back/pay as little CGT as possible?
Thanks!
http://www.ato.gov.au/individuals/content.asp?doc=/content/36557.htm&page=2&H2
http://webcache.googleusercontent.com/search?q=cache:LLwZMLKtC8AJ:www.law.monash.edu.au/units/law7276/2009/trimester1/lectures/5152-2009-sem1-lectures-chapter17.ppt+fourth+element+cost+base&cd=8&hl=en&ct=clnk&gl=au&client=firefox-a
http://www.taxpayer.com.au/media/news/20070705dyk.html
http://sites.thomsonreuters.com.au/tainsight/2009/06/29/cgt-cost-base-capital-improvement-expenditure/
I am not sure on what is claimable but think it would be also based on what sort of tax payer you are.
Individual – limited to what can be claimed
Developer – more scope on what is claimableAlso GST may be payable on the sale of the new dwelling and if registered for GST you can claim GST credits for the costs of the GST on the construction.
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