{"id":3617,"date":"2023-06-14T14:58:16","date_gmt":"2023-06-14T04:58:16","guid":{"rendered":"https:\/\/aerogroup.com.au\/?p=3617"},"modified":"2023-06-12T15:38:58","modified_gmt":"2023-06-12T05:38:58","slug":"aero-tax-tips-increased-cost-base-cgt","status":"publish","type":"post","link":"https:\/\/aerogroup.com.au\/zh\/aero-tax-tips-increased-cost-base-cgt\/","title":{"rendered":"Aero Tax Tips: Capital Gains Tax (CGT) &#8211; Increased Cost Base"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"3617\" class=\"elementor elementor-3617\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-38a73ce elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"38a73ce\" data-element_type=\"section\" data-settings=\"{&quot;_ob_glider_is_slider&quot;:&quot;no&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1d3bec7\" data-id=\"1d3bec7\" data-element_type=\"column\" data-settings=\"{&quot;_ob_column_hoveranimator&quot;:&quot;no&quot;,&quot;_ob_column_has_pseudo&quot;:&quot;no&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-20a52c0 ob-harakiri-inherit ob-has-background-overlay elementor-widget elementor-widget-heading\" data-id=\"20a52c0\" data-element_type=\"widget\" data-settings=\"{&quot;_ob_use_harakiri&quot;:&quot;yes&quot;,&quot;_ob_harakiri_writing_mode&quot;:&quot;inherit&quot;,&quot;_ob_harakiri_text_clip&quot;:&quot;none&quot;,&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Unlock the Secret to Reducing Property Capital Gains Taxes:\n Maximize Benefits with an Increased Cost Base!\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-da6f20b ob-has-background-overlay elementor-widget elementor-widget-image\" data-id=\"da6f20b\" data-element_type=\"widget\" data-settings=\"{&quot;_ob_photomorph_use&quot;:&quot;no&quot;,&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;}\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"768\" height=\"768\" src=\"https:\/\/aerogroup.com.au\/wp-content\/uploads\/2023\/06\/Aero-Group-Tax-Tips-768x768.jpg\" class=\"attachment-medium_large size-medium_large wp-image-3608\" alt=\"\" srcset=\"https:\/\/aerogroup.com.au\/wp-content\/uploads\/2023\/06\/Aero-Group-Tax-Tips-768x768.jpg 768w, https:\/\/aerogroup.com.au\/wp-content\/uploads\/2023\/06\/Aero-Group-Tax-Tips-300x300.jpg 300w, https:\/\/aerogroup.com.au\/wp-content\/uploads\/2023\/06\/Aero-Group-Tax-Tips-1024x1024.jpg 1024w, https:\/\/aerogroup.com.au\/wp-content\/uploads\/2023\/06\/Aero-Group-Tax-Tips-150x150.jpg 150w, https:\/\/aerogroup.com.au\/wp-content\/uploads\/2023\/06\/Aero-Group-Tax-Tips-12x12.jpg 12w, https:\/\/aerogroup.com.au\/wp-content\/uploads\/2023\/06\/Aero-Group-Tax-Tips.jpg 1080w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-80efd2b ob-harakiri-inherit ob-has-background-overlay elementor-widget elementor-widget-text-editor\" data-id=\"80efd2b\" data-element_type=\"widget\" data-settings=\"{&quot;_ob_use_harakiri&quot;:&quot;yes&quot;,&quot;_ob_harakiri_writing_mode&quot;:&quot;inherit&quot;,&quot;_ob_postman_use&quot;:&quot;no&quot;,&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">In order to calculate your capital gain for tax purposes, the Australian Tax Office (ATO) requires a valuation of your investment property. This valuation establishes the cost base used in the calculation.<\/span><\/p><p><span style=\"font-weight: 400;\">Having a property valuation for capital gains tax purposes is required by the ATO. However, it can also benefit you as an investor by increasing your cost base, which can result in a lower reported capital gain.<\/span><\/p><p><span style=\"font-weight: 400;\">Making Sense of Capital Gains Tax and Property Valuation you must navigate capital gains tax and property valuation, which can be difficult due to the amount of property jargon involved.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">To fully comprehend how we can benefit from this, let&#8217;s revisit what Capital Gain Tax is and explore methods to increase our cost base.<\/span><\/p><p><span style=\"color: #2c9199;\"><b>A Comprehensive Guide to Capital Gains Tax on Property Sales<\/b><\/span><\/p><p><span style=\"font-weight: 400;\">If you&#8217;re planning to sell an investment property, it&#8217;s crucial to comprehend the basics of capital gains tax. Keep in mind that any earnings from the sale of an investment property are considered capital gains and must be reported on your income tax return. The tax paid on capital gains is known as capital gains tax (CGT).<\/span><\/p><p><span style=\"color: #2c9199;\"><b>Exemptions from Capital Gains Tax<\/b><\/span><\/p><p><span style=\"font-weight: 400;\">The Australian Taxation Office (ATO) offers exemptions and concessions for property investors, which can help them avoid or significantly reduce their capital gains tax liability. These exemptions include:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Principal Place of Residence (PPOR) exemption<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Capital Gains Tax Property 6-Year Rule<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Six-Month Rule<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The 50% Discount (if the property has been owned for at least 12 months before selling)<\/span><\/li><\/ul><p>\u00a0<\/p><p><span style=\"color: #2c9199;\"><b>Understanding a Property&#8217;s Cost Base<\/b><\/span><\/p><p><span style=\"font-weight: 400;\">To calculate a capital gain, simply deduct the property&#8217;s cost base from the selling price. The cost base comprises the purchase price and expenses, excluding grants and depreciation:<\/span><\/p><p><span style=\"color: #2c9199;\"><b><i>cost base = purchase price + expenses (itemized below) &#8211; (grants + depreciation)<\/i><\/b><\/span><\/p><p><span style=\"font-weight: 400;\">By including expenses in your cost base, you can decrease the capital gains you report on your yearly tax return.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-515ed64 ob-harakiri-inherit ob-has-background-overlay elementor-widget elementor-widget-text-editor\" data-id=\"515ed64\" data-element_type=\"widget\" data-settings=\"{&quot;_ob_use_harakiri&quot;:&quot;yes&quot;,&quot;_ob_harakiri_writing_mode&quot;:&quot;inherit&quot;,&quot;_ob_postman_use&quot;:&quot;no&quot;,&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"color: #2c9199;\"><b>Expenses Based on Cost<\/b><\/span><\/p><p><span style=\"font-weight: 400;\">Here are the key cost-based expenses that you should be aware of:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"color: #2c9199;\"><b>Incidental Costs:<\/b><\/span><span style=\"font-weight: 400;\"> This includes expenses such as legal fees, stamp duty, and rental advertisement fees.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"color: #2c9199;\"><b>Ownership Costs:<\/b><\/span><span style=\"font-weight: 400;\"> These expenses are incurred during the property search and inspection process.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"color: #2c9199;\"><b>Title Costs:<\/b><\/span><span style=\"font-weight: 400;\"> These expenses are incurred when registering your property&#8217;s title with the Land Titles Office in your state or territory.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"color: #2c9199;\"><b>Improvement Costs:<\/b><\/span><span style=\"font-weight: 400;\"> This includes the expenses involved in renovating and repairing your property.<\/span><\/li><\/ul><p>\u00a0<\/p><p><span style=\"color: #2c9199;\"><b>Understanding Retrospective Capital Gains Tax Property Valuations: Definition, Purpose, and Process<\/b><\/span><\/p><p><span style=\"font-weight: 400;\">A retrospective capital gains tax property valuation is a process of assessing the value of a property at a specific point in the past to calculate the potential capital gains tax liabilities. This type of valuation is typically required when the original sale agreement price was incorrect or when there are no records of renovation costs that could significantly impact the current valuation figures. The purpose of this process is to provide a fair and accurate estimate of the property&#8217;s value at the time it was acquired or improved, which is essential in determining the appropriate tax liabilities.<\/span><\/p><p><span style=\"font-weight: 400;\">To summarize, the article discusses the importance of property valuation for capital gains tax purposes in Australia, with a focus on understanding the cost base and expenses that can be included to decrease capital gains tax and exemptions that may be available to property investors. The article also covers retrospective capital gains tax property valuations, which are used to assess the value of a property at a specific point in the past to determine potential tax liabilities.<\/span><\/p><p><span style=\"font-weight: 400;\">Navigating capital gains tax and property valuation can be a daunting task, but understanding the basics is crucial for any property investor. Remember that a property valuation report for capital gains tax purposes is mandatory, but it can also benefit you by increasing your cost base, leading to a lower reported capital gain.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">At Aero Accounting Group, we specialize in providing comprehensive guidance on CGT options and work with registered property valuers to help you navigate this process with ease. Contact us today to learn more about how we can assist you in reducing your capital gains tax liability.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-40e7aa8 ob-has-background-overlay elementor-widget elementor-widget-image\" data-id=\"40e7aa8\" data-element_type=\"widget\" data-settings=\"{&quot;_ob_photomorph_use&quot;:&quot;no&quot;,&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;}\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1536\" height=\"768\" src=\"https:\/\/aerogroup.com.au\/wp-content\/uploads\/2023\/06\/aero-group-1536x768.jpg\" class=\"attachment-1536x1536 size-1536x1536 wp-image-3610\" alt=\"\" srcset=\"https:\/\/aerogroup.com.au\/wp-content\/uploads\/2023\/06\/aero-group-1536x768.jpg 1536w, https:\/\/aerogroup.com.au\/wp-content\/uploads\/2023\/06\/aero-group-300x150.jpg 300w, https:\/\/aerogroup.com.au\/wp-content\/uploads\/2023\/06\/aero-group-1024x512.jpg 1024w, https:\/\/aerogroup.com.au\/wp-content\/uploads\/2023\/06\/aero-group-768x384.jpg 768w, https:\/\/aerogroup.com.au\/wp-content\/uploads\/2023\/06\/aero-group-2048x1024.jpg 2048w, https:\/\/aerogroup.com.au\/wp-content\/uploads\/2023\/06\/aero-group-18x9.jpg 18w\" sizes=\"(max-width: 1536px) 100vw, 1536px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3cf03dc ob-harakiri-inherit ob-has-background-overlay elementor-widget elementor-widget-text-editor\" data-id=\"3cf03dc\" data-element_type=\"widget\" data-settings=\"{&quot;_ob_use_harakiri&quot;:&quot;yes&quot;,&quot;_ob_harakiri_writing_mode&quot;:&quot;inherit&quot;,&quot;_ob_postman_use&quot;:&quot;no&quot;,&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-bcde89d ob-harakiri-inherit ob-has-background-overlay elementor-widget elementor-widget-heading ob-harakiri\" data-id=\"bcde89d\" data-element_type=\"widget\" data-settings=\"{&quot;_ob_use_harakiri&quot;:&quot;yes&quot;,&quot;_ob_harakiri_writing_mode&quot;:&quot;inherit&quot;,&quot;_ob_harakiri_text_clip&quot;:&quot;none&quot;,&quot;_ob_perspektive_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;,&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;}\" data-widget_type=\"heading.default\">\n<div class=\"elementor-widget-container\">\n<h4 class=\"elementor-heading-title elementor-size-default\"><strong><span style=\"color: #2c9199;\">Need help?<\/span><\/strong><\/h4>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-7a4bee5 ob-harakiri-inherit ob-has-background-overlay elementor-widget elementor-widget-text-editor ob-harakiri\" data-id=\"7a4bee5\" data-element_type=\"widget\" data-settings=\"{&quot;_ob_use_harakiri&quot;:&quot;yes&quot;,&quot;_ob_harakiri_writing_mode&quot;:&quot;inherit&quot;,&quot;_ob_postman_use&quot;:&quot;no&quot;,&quot;_ob_perspektive_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;,&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<div class=\"elementor-text-editor elementor-clearfix\">\n<p>Not sure if your current accountant is a good long-term fit?<a href=\"https:\/\/aerogroup.com.au\/zh\/contact-2\/\">&nbsp;Contact us at Aero Accounting Group<\/a>&nbsp;today and we&#8217;ll help you minimise your taxes and maximise your profits<\/p>\n<\/div>\n<\/div>\n<\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-36a1048 ob-has-background-overlay elementor-widget elementor-widget-spacer\" data-id=\"36a1048\" data-element_type=\"widget\" data-settings=\"{&quot;_ob_spacerat_use&quot;:&quot;no&quot;,&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;}\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>Unlock the Secret to Reducing Property Capital Gains Taxes: Maximize Benefits with an Increased Cost Base! In order to calculate your capital gain for tax purposes, the Australian Tax Office (ATO) requires a valuation of your investment property. This valuation establishes the cost base used in the calculation. Having a property valuation for capital gains [&hellip;]<\/p>","protected":false},"author":2,"featured_media":3615,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[41,20,35,38,34],"tags":[47,77,75,81,79,80],"class_list":["post-3617","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-aero-group","category-blogs","category-business-owner-tax-return","category-for-business","category-property-investor-tax-return","tag-aerogroup","tag-capitalgainstax","tag-cgt","tag-increasedcostbase","tag-propertytax","tag-propertytaxreturnaustralia"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.9 (Yoast SEO v22.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Aero Tax Tips: Capital Gains Tax (CGT) - Increased Cost Base<\/title>\n<meta name=\"description\" content=\"Looking to find legal ways to slash your Capital Gains Tax (CGT)? 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