becandluke replied to the topic capital gains tax in the forum General Property 19 years, 6 months ago
I was recently asking similar questions about CGT and this is my understanding:
Your profit of $20000 would be reduced by your buying and selling costs firstly. This may be about 5% in and 3% out (just guessing). This will leave about $6500 ($13500 in costs). This would then be added to your regualr income. If this is done within 12…[Read more]
becandluke replied to the topic Sunshine,sweetie,redwing,westan, fudgell 111 in the forum No Subject 19 years, 7 months ago
Could you include our email address also. Perfect timing on your part as I was talking to agents today about selling. Better in our pocket than theres.
becandluke replied to the topic Capital Gains Tax? in the forum General Property 19 years, 7 months ago
Hi Luckyphil and sunshine,
Thanks for the quick replies. I guessed that that the gains would be taxed at whichever rate you ended up in after adding income plus gains. Like I said wishful thinking otherwise.
At least I can say that the more tax I’m paying, the more profit I have made, unless I’m missing something.