hello everyone just a small question. is it possible to defer the monies gained from the sale of a property till 2007/2008 financial year any help appreciated
CGT is calculated from the date of the contract of sale, regardless of settlement, so as long as this is after 1 July, 2007 then it will fall into the 2008 tax year. In fact register with a tax agent before 31/10/2008 and you probably won’t need to lodge and pay your tax bill until April/May 2009.
AmandaBS
http://www.propertydivas.com.au
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You can’t directly defer the capital gain, as Amanda quoted, but you may be able to reduce the CGT by reducing/deferring your other income or increasing/bringing forward tax deductions for the year that the CG occurs, as CG are just added to your other taxable income and then tax is calculated at the resulting income.
A Superanuation contribution is always a consideration.
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Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
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