Reducing your capital proceeds
You reduce your capital proceeds from a CGT event if:
- you are not likely to receive some or all of the proceeds
- the non-receipt of some or all of the proceeds is not due to anything you have done or failed to do
- you took all reasonable steps to get payment.
Provided you are not entitled to a tax deduction for the amount you repaid, your capital proceeds are also reduced by:
- any part of the proceeds that you repay, or
- any compensation you pay that can reasonably be regarded as a repayment of the proceeds.
If you are registered for GST and you receive payment when you dispose of a CGT asset, any GST payable is not part of the capital proceeds.