The search function on this site isn’t working for us, so sorry if this is a repeat. But can anyone help us with dates for capital gains tax reduction?? In order to claim the 50% reduction in capital gains tax when selling a property we know you have to have held the property for a year, but when does that year start?? is it from the date you sign the contract on buying the house, or from the date of settlement??
Thanks!Sorry to answer with a question but what would be the time frame between signing the contract and settlement 4-8 weeks?
Do you actually own the property before settlement?
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorMy understanding is from settlement as that is whan it is yours outright(except fot loans).
CATA
Asset Protection Specialist
[email protected]The relevant date is when the contracts are signed. It’s not the settlement date.
ScottTax Depreciation Schedules
Australia wide service
1300 660033
[email protected]
http://www.depreciator.com.auYep. date of contracts is what the ATO goes on.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
hmmm.. That must be why I was given the “tip” to insure your IP as “soon” as the O&A has been accepted..just in case anything happens to the property ‘prior’ to settlement?
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorYou learn something new everyday, I just did.
CATA
Asset Protection Specialist
[email protected]Hi me again, I want to answer this as well because I want to get more stars..
The Capital Gains and Tax Deductions start as soon as the contract becomes unconditional and your legally bound to it. Not the date the contract was signed.[strum]
hi The Wild One
do you get extra stars for the guitar player[chill]here to help
Yeah, I hope so ![drummer]
Sorry Specifc I don’t mean to take the topic away from you, as it is an important one.
But I,m stuck on 24 posts and can’t get to 25.[curtain]
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