AU Tax: CGT - Allow pro-rata of private use days
The CGT worksheet does not allow for pro-rata of capital gain based on private use days.
Dennis Nguyen
shared this idea
-
Ruvini Subramaniam
commented
We understand that a capital gain in relation to a property sold that is qualified for partial main residence exemption cannot be split in Xero Tax.
The workaround is to adjust the Capital proceeds or the Cost base amount in the Total Costs table grid to achieve the correct taxable net capital gain that should be reported at 18 A.
We suggest that a pro-rating (using number of days) be incorporated in your next software update to make it clear to the client as to how the assessable capital gain was calculated.
-
Janelle Sawtell
commented
This would be most useful as it would allow us to use the capital gains schedule as our calculator/worksheet to ensure calculations are correct and for review purposes.