Hi
I own a block of land which I’ve had for 10 1/2 months and I wish to sell it to pursue an investment with a constant return.
If I put it on the market now and the offer gets accepted next week, but I make the settlement date in another 1 1/2 months does that mean I only have to pay 50% CGT as I recieved the money JUST after 12 months or does the ATO consider the CGT to be made on the date of the acceptance and tax me on 100%.
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Always set your goals further than you can reach
– Then stretch that little bit further
//////////////////////////////////Check itout with an Accountant but as I understand it…..Dates run from contract date (signing) to settlment therefore you would have a areduced tax bill….well done …hopefully. Realise though I am not an accountant. Steve ??
Enjoy
AD [:0)]“A successful person is one who can lay a firm foundation with the bricks that others throw at him.”
-David BrinkI believe your right AD but what Young gun could do is sell an option to buy at a token amount. This could then roll into a contract with appropriate dates at the right time.
The buyer is happy as he can start plannng as if purchased at the expense of the seller and seller is happy as meets the CGT requirements.
Cheers
Thanks guys
Ziz, I’m not exactly sure what you mean about sell an option to buy???
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Always set your goals further than you can reach
– Then stretch that little bit further
//////////////////////////////////YG
sorry about the “pro forma” answer here, but check with your accountant and your solicitor.
the B [
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