What year?

[skater]

I can't remember, and it's a public holiday, so I can't call my accountant, so where best to ask than here.

What financial year does the sale of a property fall into if, contracts are signed in June (or earlier), but settlement doesn't happen until July?

 

[wylie]

Date of signing.

 

[Blacky]

Date of signing.

Correct

https://www.ato.gov.au/General/Capi...eal-estate/Timing-of-a-real-estate-CGT-event/

 

[skater]

Date of signing.

Grrrr......I thought it was that, although that really makes no sense, does it? I mean, you don't get your money then.

 

[Scott No Mates]

It makes perfect sense, on the x of June you have agreed to transfer the property but delivery is 6 weeks off.

 

[Terry_w]

Date of signing.

Usually but not necessarily. Where the contracts are conditional it could be the date the contract goes unconditional.

 

[beachgurl]

FY of signing contract for capital gains, calendar year of settlement for land tax.

 

[wylie]

Land tax in Queensland is who owns the property as at 30 June. I believe NSW is 31 December.

So, we hope to sell a house and sign the contract before 30 June so the sale falls into this financial year, and we further hope that we get a sale early enough that we settle prior to 30 June so we don't pay another "metric crapload" of land tax this year.

 

[bazwami]

...been told settlement to contract....for capital gains & calculating 12 month period if necessary:.