Capital Gain workpaper (CG)

The Capital Gain (CG) workpaper calculates the capital gain or loss on a property purchase and subsequent sale, built from settlement statements and the purchase contract.

Determining purchase vs sale

●        Where two settlement statements are provided: the one with the earlier settlement date is the purchase, the other is the sale.

●        Where only one settlement statement is provided, falling in the current year: its property address is checked against the Depreciation Schedule. A match means it's the sale statement; where the addresses don't match, the system shows "Human Intervention Required" rather than guessing.

Data extraction, purchase

●        Purchasing entity: from the contract of purchase, or the settlement statement if no contract is available.

●        Asset detail (land and/or building): always flagged Human Intervention Required, this isn't inferred automatically.

●        Address, Purchase Price, Settlement Date: from the settlement statement. Contract Date, where available, comes from the contract itself.

●        Costs associated with purchase: Stamp Duty, Legal fees, PEXA Settlement Fee, Registration Fees, Conveyancing charges, Agent Fee, Search fee, Seller's Release Fee, Plant & Equipment on Purchase, and Others (anything not matching a specific line item), each picked from the settlement statement by its own line label.

Data extraction, sale

●        Costs associated with sale: Legal fees, Mortgage release fee, Agent's commission, Conveyancing fees, and Marketing Costs, each picked from the settlement statement for the sale.

How to access

●        Go to Jobs and open the relevant job.

●        Click the Workpapers icon or navigate to Job Results then Workpapers.

●        Select CG on the Workpapers Dashboard.