Selling Property
CGT, cost base, records and what depreciation means when you sell
16 expert articles in this category, written by Koste's Chartered Quantity Surveyors.
Can I claim scrapped assets before selling?
Yes — if you decommission or remove assets from your investment property before sale, you can write off their remaining book value immediate…
What should I do before selling an investment property?
Before selling your investment property, there are several key tax and financial steps to take — including reviewing your depreciation sched…
Should I get a depreciation schedule before selling?
It may be worth getting a depreciation or cost base review before selling, especially if you never claimed depreciation, renovated the prope…
How does depreciation affect Capital Gains Tax when I sell?
Depreciation can affect Capital Gains Tax because capital works deductions may reduce the property's cost base. Your accountant needs deprec…
What records do I need before selling an investment property?
Before selling an investment property, gather purchase records, sale records, renovation invoices, depreciation schedules, capital works sum…
How CGT Applies to Court-Ordered Property Sales
Capital Gains Tax (CGT) applies to properties sold under court orders, such as divorce settlements or legal disputes. The capital gain or lo…
How Does CGT Work for a Deceased Estate?
Capital Gains Tax (CGT) on a deceased estate in Australia depends on how and when the assets are transferred. Generally, there is no immedia…
What is a Foreign Resident Capital Gains Withholding Certificate?
A foreign resident capital gains withholding certificate is an ATO document that determines if withholding tax applies to a property sale in…
What is the Market Value Substitution Rule for CGT?
The market value substitution rule for CGT in Australia applies when a transaction is not conducted at arm's length, or when no actual consi…
What CGT Applies to Demolishing a Property?
When you demolish a property, the cost base for capital gains tax (CGT) purposes is adjusted by the demolition costs. Under Australian tax l…
How Does CGT Work for Commercial Property in Australia?
Capital Gains Tax (CGT) on commercial property in Australia applies to the profit made from selling the property. The gain is calculated by …
Can I Use Prior Year Capital Losses to Reduce My CGT?
Yes, you can use prior year capital losses to offset capital gains in Australia. Capital losses can be carried forward indefinitely and appl…
What Records Do I Need to Substantiate My Cost Base?
To substantiate your cost base for CGT in Australia, keep records of purchase price, legal fees, stamp duty, improvement costs, and holding …
How Does Depreciation Affect Capital Gains Tax When I Sell?
Depreciation claims on investment properties reduce their cost base for Capital Gains Tax (CGT) purposes, potentially increasing the taxable…
What records do I need when selling an investment property?
When selling an investment property, you should keep purchase records, sale records, renovation costs, depreciation schedules, ownership det…
How does depreciation affect Capital Gains Tax when I sell?
Depreciation can affect Capital Gains Tax because some capital works deductions may reduce the property's cost base. This means your account…
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