Tax year to use for selling an apartment

[guyguy2003]

Hi everyone!

I have an important question.. my property is on the market, however I am considering taking it off the market and putting it back on in one or two months. It could very well be in that scenario that settlement on it will only happen after the 30/6/2015. It would be much better for me tax wise to include CGT in this year's tax return as I made very little money and would probably pay very little CGT.

My question is this - when it comes to the tax year where CGT is applicable - what is the date that counts - contract date or settlement date?

Cheers
Guy

 

[MIW]

Hi everyone!

I have an important question.. my property is on the market, however I am considering taking it off the market and putting it back on in one or two months. It could very well be in that scenario that settlement on it will only happen after the 30/6/2015. It would be much better for me tax wise to include CGT in this year's tax return as I made very little money and would probably pay very little CGT.

My question is this - when it comes to the tax year where CGT is applicable - what is the date that counts - contract date or settlement date?

Cheers
Guy

Always contract date!

 

[Terry_w]

Always contract date!

Not always, but most of the time.

It is a conditional on something occurring it may only be effect at that date and not the date of signing - which is usually the date of the contract.