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  • Profile photo of Newbie2Newbie2
    Member
    @newbie2
    Join Date: 2003
    Post Count: 1
    November 17, 2003 - 7:58 am

    I’ve just joined this forum, so greetings to everyone.

    I’m slowly starting to understand how capital gains tax is calculated. The ATO website is of very little help, let me tell you.

    I understand that to get the 50% discount, you have to have held the property for 12 months & 1 day from date of contract. So I assume this means 12 months & 1 day of ownership (not necessarily investment)?

    For example, I have a property that I have owned for over 2 years, but it has only been an investment property for the last 7 months. I assume this means if I was to sell, I would receive the 50% discount because I’ve owned the property for more than 12 months, is that correct??

    Newbie[8D]

    I don’t want to wait for retirement to have the time to enjoy life.

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