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Re: Tax deduction on agent fee for selling investment property

Newbie

Views 76

Replies 3

Hello,

I have sold my investment property at a capital loss. Can I claim tax deduction on the selling agent fees?

thank you

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ATO Certified Response

ATO Community Support

Replies 2

Hi @adat1995

 

Sort of.

 

This forms part of the second element of your cost base. The second element is costs of acquiring or relating to the CGT event.

 

This means you include it when calculating your capital loss. When you have a capital gain in the future, you'll offset it against that gain later on.

 

You can read about elements of the cost base on our website.

3 REPLIES 3

Most helpful response

ATO Certified Response

ATO Community Support

Replies 2

Hi @adat1995

 

Sort of.

 

This forms part of the second element of your cost base. The second element is costs of acquiring or relating to the CGT event.

 

This means you include it when calculating your capital loss. When you have a capital gain in the future, you'll offset it against that gain later on.

 

You can read about elements of the cost base on our website.

Newbie

Replies 1

Thanks BlakeATO. Then I have made a mistake by claiming it in my refund. Is there a way ATO will give me longer time, in case I owe tax after the amendment? It's really very difficult now to pay back a lump sum amount. 

ATO Community Support

Replies 0

Hi @adat1995

 

You'll need to correct (amend) your tax return. If you're having trouble paying in full, we can give you help with paying through a payment plan. Smiley Happy