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]
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.