Hi,
I am planning to sell my IP.
I am just wonder what the capital gain tax implication will be if I sold my property before 30.JuneDo i pay capital gain tax for the year 2011/2012 or 2012/2013 if my contract exchange before 30.June.2012 ?
Example,
I sell property the contract exchange on 15.June.2012 and settlement date on 30.July.2012,
is the capital gain income included in 2011/2012 tax return assessment ? OR 2012/2013 tax return assessment ?
Thank you
TaylorCapital gains tax is based on the contract date, so if you sign the contract pre- June 30, the income is declared in the 2011/12 financial year.
The tax return must be lodged by October 31st (if you do it yourself) or as late as May 15 2013, if you are registered with a tax agent.
You then usually get 21 days from the date of lodgement to pay the tax.
If you are registered with a tax agent, he or she will be able to tell you when the tax return is due.
Lastly, you can register with a tax agent before October 31, and your lodgement date may be pushed out to as late as May 15.
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