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Accounting & Tax

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Hi All,

I hope you're all winning!

I have a tax question for the accountants here.

If someone has held a company for over 12 months and is now selling the business, will they be up for full CGT? Or do they get a similar concession to a real estate asset?

The business has been held by 2 directors and shareholders and will each have an equal share of the proceeds from the sale.

Cheers,
Frank

6 months ago

Hi there

Got some great responses last time I posted here so hoping for a similar result!

I am a beneficiary of a deceased estate split into 3. We recently put the property up on Airbnb for some rental income whilst we wait for the property to be sold.

We did some work to the property readying it for lease such as painting walls, purchase of linen, crockery etc.

1) Can these expenses be claimed? Obviously it's work done prior to being leased but integral to be able to do so. Or does any receipt need to show that the date of purchase was AFTER the commencement date of lease?

For our tax returns, we will be splitting income/expenses between the 3. The property had no TV or Vacuum and so one party paid for these items out of their own personal money as they will take these items as soon as the property sells.

2) Will their be any red flags if one party claims higher expenses despite splitting income by 3?

Looking at it now, I guess if the answer to question 1 is 'NO' then question 2 is probably void as these items were obviously purchased before our first tenant.

Thanks so much for assistance. Great community of help!

Steph

7 months ago
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