Company Tax and Domain Names

[carlh]

Hi,
Does anyone have any articles or threads that relate to the best way to handle tax requirements for acquiring reasonable sum domain names or websites through a PTY LTD?
Thanks
Carl

 

[Sim]

Are you talking about GST?
Or CGT vs income for domain name sales?

 

[findtim]

i don't recall any "accountant" posting about it but a search will bring up some threads.

my accountant has just told me that a domain is a business purchase and you treat it as a product, buy for this, sell for that and treat gst the same. if you make a profit then its profit, if you make a loss then its a loss.

my accountant is an ex-auditor for the ATO so i just do what he says.

tim

 

[carlh]

Thought as much - thanks.
I'm only 12 months into my Australian experience so still understanding the business side.
I have a tax accountant but they are rather vague or completely non-responsive.
Thanks

 

[snoopy]

Some recent discussion and ATO viewpoint here,

https://www.dntrade.com.au/threads/...of-expenditure-on-a-commercial-website.11255/

 

[TrafficSauce]

There is a DNTrade member (Nobel) who may be able to help you: www.nobel.com.au