Hi,
I underdstand that when selling an IP, the cost base is reduced by the amount of the capital works deductions which I have claimed or were entitled to claim over the years.
However, what I am not sure about is do I actually have to write the value of the depreciating assests in my sales contract or is a depreciation schedule sufficient?
I'm under the impression that the sales contract is just an agreement between seller and buyer and my accountant will work out the rest. But I have been told by someone who said they read somewhere that you need to write down the value of the depreciation asset in the sales contract.
Thanks.
I underdstand that when selling an IP, the cost base is reduced by the amount of the capital works deductions which I have claimed or were entitled to claim over the years.
However, what I am not sure about is do I actually have to write the value of the depreciating assests in my sales contract or is a depreciation schedule sufficient?
I'm under the impression that the sales contract is just an agreement between seller and buyer and my accountant will work out the rest. But I have been told by someone who said they read somewhere that you need to write down the value of the depreciation asset in the sales contract.
Thanks.