Tax Question
Submitted by Brock O on Mon, 2024-07-29 14:20
Lads..
Not sure who would turn to a fishing forum for tax advise but here I am, I know its only one piece of a large puzzle but does the below look correct ? The accounting firm we use has generally been good but not sure if she has had this checked internally, she did state its her first time working capital gains which was a worry.
My main thought on the cost base, although not deductable on purchase stamp duty should be included for capital gain, as a positive not a negative..
Saulty2
Posts: 655
Date Joined: 28/05/10
IMO
the 17,762.07 is added to your earnings and taxed on that , not sure what the purchase was but if you claimed depreciation through out the years then the cost base is less and naturally capital gain would be greater.
Rob H
Posts: 5789
Date Joined: 18/01/12
Looks to me like there is an
Looks to me like there is an error?
Capital works entry I don't understand but the other cost base items should be added together unless they were paid to you for some reason?
Give a man a mask, and he'll show you his true face...
The older you get the more you realize that no one has a f++king clue what they're doing.
Everyone's just winging it.
Rob H
Posts: 5789
Date Joined: 18/01/12
Looks to me like there is an
Looks to me like there is an error?
Capital works entry I don't understand but the other cost base items should be added together unless they were paid to you for some reason?
Give a man a mask, and he'll show you his true face...
The older you get the more you realize that no one has a f++king clue what they're doing.
Everyone's just winging it.
Saulty2
Posts: 655
Date Joined: 28/05/10
very little makes sesnce
can claim shire rates as deduction
Brock O
Posts: 3220
Date Joined: 11/01/08
Yeah, its all wrong to
Yeah, its all wrong to me...Cheers to the lad for the PM.
ATO example shows stamp duty etc in the Base case but as deductions, not additions.
They are open today so will be speaking to them shortly to clarify.
Saulty2
Posts: 655
Date Joined: 28/05/10
not sure
how you have confidence in paying someone thats got it so wrong
Brock O
Posts: 3220
Date Joined: 11/01/08
Had a chat earlier, so we
Had a chat earlier, so we have claimed full depreciation throughout the period, fair to say the stamp duty was claimed back in 2012/13 also.
So these items are now at positive, they cant be claimed twice.
So first mistake back then, was putting it in both our names instead of mine being the main / high income earner. Also selling now, I left a company early last financial year so it was taxed heavy, plus was made redundant a few months back also with an additional tax outlay, this putting me in the top bracket to make things worse.
And the investment was a Unit in a complex not stand alone...there shit in regards to growth compared to property.
Besides some good early years with depreciation...to me the investment was a total waste of time and a bad decision, such is life.