All Topics / General Property / CGT – on Exchange contract date or settlement date

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  • Profile photo of blazeblaze
    Participant
    @blaze
    Join Date: 2007
    Post Count: 60
    February 25, 2009 - 10:38 am

    Hi,

    Say I sell an IP on an auction that is on the 1st of June 2009. Contract is signed, the buyer put 10% deposit on the day and settlement is on 60 days due on 1st of August 2009.

    Would the CG calculated toward the financial year of 2008/09 or 2009/10?

    Cheers,

    blaze

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    February 25, 2009 - 12:53 pm

    date of contract

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

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