beerboyParticipant@beerboyJoin Date: 2003Post Count: 55
howdy. if a pensioner(no tax bracket) buys a block of land and on sells within 12 months do u have to pay cgt. cheers.xyzzyParticipant@xyzzyJoin Date: 2003Post Count: 178
The australian tax system is based on self assesment. We can write what we like on our returns and the ATO will accept them.
If they do an audit on you well then it might help to have done the right thing.
In this case you should declare it as a CGT event and pay tax on it at the marginal rate.TerrywParticipant@terrywJoin Date: 2001Post Count: 16,173
of course. Everyone has to pay tax. How much will depend on how big the profit is. If the pensioner has no income (but i think the penson is taxable income??), then they can make $6000 profit and pay no tax. This may equate $12,000 profit before the 50% CGT discount is taken off.
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