Hi all
I've tried searching for this, and amazingly have not been able to find a clear answer...
I've just sold an IP and prior to the sale was claiming deductions through a certified depreciation schedule. I am trying to understand how this will effect the CGT paid.
Some basic figures to assist (hopefully simplifying rather than complicating the question):
Purchase price
$260
Sale Price
$320
Buying costs (incl conveyancing, stamp duties, loan est fees etc)
$15k
Selling costs (agent fees, conveyancing, bank fees)
$15k
Improvements
$10k
Owned for over 12 months, so 50% rule applies.
Based on this I'd be up for $20k in CGT, halved to $10k due to over 12 months of ownership.
However, this does not account for any depreciation claimed over the period. Given that I've claimed $7k worth of depreciation, how will this effect CGT?
Cheers
Jom
I've tried searching for this, and amazingly have not been able to find a clear answer...
I've just sold an IP and prior to the sale was claiming deductions through a certified depreciation schedule. I am trying to understand how this will effect the CGT paid.
Some basic figures to assist (hopefully simplifying rather than complicating the question):
Purchase price
$260
Sale Price
$320
Buying costs (incl conveyancing, stamp duties, loan est fees etc)
$15k
Selling costs (agent fees, conveyancing, bank fees)
$15k
Improvements
$10k
Owned for over 12 months, so 50% rule applies.
Based on this I'd be up for $20k in CGT, halved to $10k due to over 12 months of ownership.
However, this does not account for any depreciation claimed over the period. Given that I've claimed $7k worth of depreciation, how will this effect CGT?
Cheers
Jom