cgt discount start time - contract or settlement

[Oshawott]

i just got conflicting information today regarding CGT discount timing.

1 accountant and an investor friend says the 1 year time starts from contract signing/accepted

another accountant and a broker friend says it starts from settlement (therefore can sell earlier and agree to settle at later date after the settlement anniv)

can anyone please clarify which is correct.

**ignore other variables such as intent, structure etc.....assume the property does qualify for cgt**

 

[sanj]

Everything is based on contract date. I can understand a friend getting this wrong but an accountant?? I hope they're not your accountant.
https://www.ato.gov.au/General/Capi...eal-estate/Timing-of-a-real-estate-CGT-event/

 

[Oshawott]

thanks for that sanj. learned a real important info. passing the link to broker friend now.

 

[sanj]

No worries, happy to help!

 

[Paul@PFI]

The contract date. Ditto when selling.

CGT event rules : Event A1 is most common. https://www.ato.gov.au/General/Capi...mmary-of-CGT-events/?anchor=Disposal#Disposal