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Building allowance vs cost base of the property
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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The material and contents provided on this website and in our print, email or downloadable publications are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained. Liability limited by a scheme approved under Professional Standard Legislation.
The material and contents provided on this website and in our print, email or downloadable publications are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained. Liability limited by a scheme approved under Professional Standard Legislation.
