Hi Jim,
I meant what he writes in the Sunday Mail. I don’t usually bother buying it here in Melbourne [
]Rod.
Duh, sorry Rod, I should have realised what you meant. Of course I’ll post his response here.
Jim.Noel’s article was in today’s Sunday Mail, but it was a bit vague on the specifics. He explains the difference between prime cost and dim. value on fittings, and then writes: “But if you sold the depreciated asset the proceeds would have to be included in your taxable income” He then writes that “sellers might want to incorporate a schedule that apportions the sale price between the building and the fixtures and fittings to minimise the tax they pay on sale”. He adds that the buyer is not bound by this schedule, and they are free to use the figures obtained from their Q/Surveyor.
He writes about the building write off being deducted from the cost base, but does not mention the words “cost base” in relation to fittings, only what I wrote above.
So… I’m no wiser after this article. Come on all you accountants, can you please clarify all this for us????
Thanks, Jim.Hi Doogs,
Isn’t it just typical of the ATO (and all other government dept’s for that matter) everything they say is always very much in the ‘grey area’ to be interpreted depending on whether they had a good or bad hair day[
] and most accountants don’t understand them either – leaving you and us all wondering whose butt is going to be chewed by the illustrious Tax inspector when we next make a claim based on their clear and concise info !!!
[xx(] Bit of a challenge really isn’t it!![8D]
Ain’t life grand.[]
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