Selling property - tell accountant?

[investorak]

When you sell a property is it wise to tell your accountant that you have sold your property?

Does it matter if you brought before the brightline test came in?

eg You originally brought it for a buy and hold property and intention was to keep it but you wanted to free up some cash to improve your portfolio

[Nick G]

Yes you will be exempt from CGT and any expenses incurred can be claimed and the accountant will need to file rental income up to the point that you sell it.

[Rosco]

Best to talk to your accountant before you sell! Is there depreciation recovery that can be reduced?
Is the gains taxable? Brightline, but also tainting and pattern.

Once you sell it is a bit late!

Ross

[Anthonyacat]

Agreed! Should be talking to your accountant before you sell,not after.