Selling Overseas property

[kiwipaul]

Hi

I've just sold a property in Auckland and I need some advise regarding exchange rates for converting the gain into Oz dollars for CGT purposes.

I'm interested in knowing which date I use for the exchange rate.

Property went unconditional on 24 Oct for completion on 12 Dec.

Do I use the exchange rate on 24 Oct or 12 Dec as the Kiwi is going up and down like a yo yo at the mo.

 

[shuggy]

I recommend these guys for sending NZ$ to Oz.
http://www.ozforex.com.au/
Check with your accountant but i think CGT is calculated using the contract date. Even though you settle on Dec 12th, there could be delays. Keep your NZ$ in your NZ acc and contact the guys at Ozforex by phone and tell them what rate you want and they'll enter it to transfer when you hit a x-rate you're happy with.

 

[kiwipaul]

I recommend these guys for sending NZ$ to Oz.
http://www.ozforex.com.au/
Check with your accountant but i think CGT is calculated using the contract date.

I've already got an account with them and I intend to keep the money in NZ untill the exchange rate improves (hopefully).

Don't have an accountant thats why I'm asking. Thanks.