朋友做地产开发，手头的新房子2014年3月已完工， 销售合同在2014年6月30号前交换，settle 在2014年7月，从income tax角度， 卖房收入算在2014年还是2015年？ 谢谢
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If the sale is being taxed on revenue account then any net profit or loss should be reported in the income year in which settlement takes place. If settlement takes place in the 2015 income year then the profit or loss should be reported in the client’s 2015 tax return. This is different to the CGT rules where the taxing point is normally triggered when the contract is entered into.
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谢谢， 如果ACCOUNTNG METHOD 是ACCRUAL BASE, 有不同的tax treatment 吗？
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The accounting method is not relevant for tax purpose.
From tax point of view, if this is a profit making undertaking, or carrying a business of property development, then the gain will be taxed on revenue account.
If the taxpayer is not carrying on a business, then net profit approach shall be used. Under the net profit approach, the acquisition of the land and the development costs will be capitalised. The taxpayer will need to include the net profit on the project in the assessable income in the year of sale.
Where the net profit approach is used, the development expenses incurred are offset against the gross proceeds on sale and the net profit is assessable as income at settlement.
Holding costs (eg, rates, interest, insurance) are deductible when incurred and do not form part of the net profit calculation. The development expenses (architect fees) are not deductible when they are incurred; instead they are carried forward and used to determine the net profit in the year of sale.
If the taxpayer is carrying a business of property development, then properties shall be treated as "trading stock" for accounting purpose. However, it will be the same for tax purpose.
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谢谢牛人指教，在悉尼吗？
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