Can anyone help?
If I signed a contract to buy a property in Queensland in July 04, and settled in September 04, when am I over the 12 months hurdle to benefit from the CGT concession – can I sell to another buyer and sign a contract in July 04, then settle before Sept 04? Are the relevant dates from purchase settlement to sale settlement or purchase settlement to purchase contract date, or purchase contract date to sale contract date, or purchase contract date to sale settlement date?
I can’t find the answer on the ATO site, nor from a quick search of CGT in these forums.
Any help would be much appreciated.
Cheers
CruiserThe contract date rather than settlement date is the important one for CGT calculations.
Cheers,
Benson.
Thanks Benson.
You mean, I signed the contract to buy in July 04 so as long as I don’t sign a contract to sell until July 05, then I get the concession?The date the contract has been executed by both parties ie your offer is dated 01/01/05 and the vendor accepts on the 02/01/05 then this is the date (02/01/05) you have acquired the property for CGT purposes. The same applies for the sale of the property.
Thank you muchly.
Regards
CruiserHi
Further to the responces My accountant always says that I should ensure there is 12 months and a couple of days just to be sure.
hrm
If it is for principal place of residence then it doesn’t apply you will have to repay the consession given for stamp duty thats all.
Yep thats how we see’s it ,from offer (contact date)date.
Regards
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