When selling an investment property it is important to know the full cost base of the asset.
The cost base can include the purchase price and costs associated with acquiring, holding and disposing of the property, such as legal fees, stamp duty and real estate agent’s commissions.
Amounts that you've already claimed as a tax deduction are excluded from the property’s cost base.
For more information please click on the link below:
https://www.ato.gov.au/General/Capital-gains-tax/Your-home-and-other-real-estate/Sale-of-property-and-other-CGT-events/Selling-your-rental-property/
Please contact Fiona Cook, Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.
We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.
We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.
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