Did you know that the cost base of the rental property must be reduced by any building write-off that has been allowed, or is allowable when calculating a capital gain on the sale of a rental property?
Normally, the above rules only apply to a dwelling that was originally acquired on or before 13 May 1997. However, if the dwelling has a new deemed acquisition date because it was first used to produce income after that date, the cost base adjustments will be required for any building write-off.
For more information, contact Matt Zhou on 02 9957 4033.
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