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CGT Payable?

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Hi there,

I purchased untitled land with a partner approximately 2 years ago. We paid a 10% deposit. 

My partner and I split up (we did not live together) and I consequently signed over my interest in the land, which remains untitled, to my partner in exchange for a sum of money that was less than the deposit.  

To put some numbers to this, for example, the deposit was $20,000 and I received $10,000. 

Do I need to declare this amount and is there any CGT that is payable on this?

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ATO Certified

TaxTime Support

Replies 0

Hi @JB12

 

Thanks for your question.

 

Any CGT event is re-portable into your Tax Return in the year sold. However CGT is only payable when you are left with a profit that will add to your Taxable Income for the year.  At re-selling It appears though you are describing a loss  which reported you can use to offset to reduce any other gains into the future. Check out our website under Working out your capital gain or loss. Hope this helps.

 

A big welcome for your first post too.

 

Regards

MarkA

 

 

1 REPLY 1

Best answer

ATO Certified

TaxTime Support

Replies 0

Hi @JB12

 

Thanks for your question.

 

Any CGT event is re-portable into your Tax Return in the year sold. However CGT is only payable when you are left with a profit that will add to your Taxable Income for the year.  At re-selling It appears though you are describing a loss  which reported you can use to offset to reduce any other gains into the future. Check out our website under Working out your capital gain or loss. Hope this helps.

 

A big welcome for your first post too.

 

Regards

MarkA

 

 

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