Hi Brenda

Your accountant may be calculating it wrong. The calculation of CGT with regards to real estate is:

1. Work out your cost base (this is purchase price + legal fees + stamp duty, etc + capital works deductions). So yes, you do add back any capital or building write-offs as you have stated.

2. Deduct the cost base from the sale price.…[Read more]

mmmm….we could go backwards and forwards here forever couldn’t we. As far as stating legislation goes, it’s basic tax law with regards to deductions, just go and read sec 8-1.

Now, the problem here is you are missing my point, and perhaps that’s my fault because I have not explained myself fully. The issue we have is this:

We get so many…[Read more]

Sorry, I should have been more specific. Dale’s statements with regards to what you can claim as a deduction through a trust are where we have an issue. He is inferring that anyone can claim these items because they have a trust setup, but that is not the case.
I won’t comment on his advice with regards to hybrid trusts because as I previously…[Read more]

Hi all, this is my first posting to the website and it is going to be controversial [ohno]
I really have to agree with stuck-at-two. I am a property investor and have been an accountant for the past 10 years. I have only been doing tax for the past 2 years (was previously commercial) and am trying to find out more information on different trust…[Read more]