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Capital gains tax
Generally, the time you acquire a CGT asset (your ‘acquisition date’ for CGT purposes) is when you become its owner, most commonly because you have bought it or received it as a gift or it was transferred to you.
However, there are two situations where your acquisition date is likely to be different from the date you become the owner: when you inherit a CGT asset and when you buy one under contract and don’t take immediate possession.
Knowing when you got your CGT asset is important because:
The date you inherit an asset is the date of the death of the person who bequeathed the asset to you.
Purchases under contract, such as land, houses, businesses, shares, one-tonne utilities and boats, don’t always result in the date of contract and the date of possession being the same. In these instances, your acquisition date is the time you enter into the contract (normally the date on the contract) and not the date you take possession or the date of settlement.
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