New Buy

[jim1964]

I have just purchased another property,which cools of tomorrow night,but doesn't settle till the new financial year.As the contract is signed before this financial year ends,are the buy in costs able to go in this years return?

 

[Player]

I have just purchased another property,which cools of tomorrow night,but doesn't settle till the new financial year.As the contract is signed before this financial year ends,are the buy in costs able to go in this years return?

Hi Jim,

If, by "buy in costs" you mean building and pest fees, legals, stamp duty, etc., these aren't deductible until you actually sell/transfer property down the track and would get added to the cost base to work out (potential) profit and CGT.