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becandluke

  • becandluke replied to the topic capital gains tax in the forum General Property 20 years, 7 months ago

    Wannabe,
    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 20 years, 7 months ago

    Hi Bill,
    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.

    Thanks heaps
    Luke

  • becandluke replied to the topic Capital Gains Tax? in the forum General Property 20 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.

    Thanks again.
    Luke

becandluke

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