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Chris19092023(Initiate)Initiate
20 Sept 2023

The SMSF purchased a property with Contract Date by Nov 2022 and initial deposit was made by Nov 2022 as well, however the remaining balance was settled only by August 2023. When should I record the property cost base? during the FY2023 and record a sundry account for the remaining balance? or Should I record only the initial deposits as the cost base of the property for FY2023? TIA

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1,019 views
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Bruce4Tax(Taxicorn)Taxicorn
20 Sept 2023

Record full contract price as cost base in Nov 2022, with the balance as settlement due.


Legal fees, stamp duty, etc, are added to the cost base in Aug 2023.


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When should I record the property Cost Base of the SMSF. | ATO Community