All Topics / Legal & Accounting / when do I pay capital gains tax

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  • Profile photo of keikokeiko
    Participant
    @keiko
    Join Date: 2008
    Post Count: 513
    May 15, 2011 - 1:58 am

    I am selling one of my investment properties

    Now the contract date was last week and settlement date is in August

    I would like to know if I will be paying capital gains tax in the 2011 financial year as the contract date was in this financial year or will I pay CGT in 2012 financial year as that is when settlement will be?

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856
    May 15, 2011 - 11:47 am

    As far as I understand it, cgt runs on contract date not settlement date. So tax would be assessed this financial year & due in May 2012.

    Profile photo of Rob G.Rob G.
    Participant
    @rob-g.
    Join Date: 2010
    Post Count: 70
    May 15, 2011 - 12:35 pm

    TD 94/89      paragraph 3.

    Cheers,

    Rob

    keiko wrote:
    I am selling one of my investment properties

    Now the contract date was last week and settlement date is in August

    I would like to know if I will be paying capital gains tax in the 2011 financial year as the contract date was in this financial year or will I pay CGT in 2012 financial year as that is when settlement will be?

Viewing 3 posts - 1 through 3 (of 3 total)

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